BWJ 029: Bitcoin Is Freedom; Payment Network Disruption; Rendering Altcoins Obsolete; and more...
This week: Why is it important to keep focused on life-changing stories? What does the future of payments look like? When does the slow and steady approach succeed?
Bitcoin Is Freedom
Why is it important to keep focused on life-changing stories?
Watch this video, send it to your friends, and especially your family. It is a wonderful illustration of the positive social impact Bitcoin is already having, helping people to overcome enormous challenges, in some of the toughest parts of world.
Yeonmi Park, Farida Nabourema, and Fadi Elsalameen tell stories that make a mockery of anyone who says “Bitcoin has no value”, often naysayers in comfortable financial situations, with a healthy distance between themselves and a repressive regime. These are tales full of inspiration, not only to all the others suffering in similar situations, but for the mission-driven Bitcoiners building out this nascent monetary network.
Evil does exist, and helping people defend against it, is as noble a cause as any. Thank you to Alex Gladstein for all his tireless work bringing these issues to our attention, I have no doubt at all, this is exactly “why” we Bitcoin.
Payment Network Disruption
What does the future of payments look like?
Jack Mallers has to be one of the most exciting young entrepreneurs I’ve ever seen, with a stand-out sense of showmanship, ensuring his company Strike is never far from the headlines. The latest set of announcements of course didn’t disappoint, with many big name brands being onboarded, as he blazes a path towards the diss-intermediation of a 50 year old payments industry.
This is what digital disruption is all about, dynamic founders, tearing down colluding, expensive, and slow incumbents. Excitingly those of us that hold Bitcoin, are set to benefit from the work of those building on top of it, not just as consumers but as investors.
The only criticism I’ve heard, is in relation to the amount of KYC that is required to be a customer, which the privacy focused Bitcoiners are very cautious of. A friend commented “I look for software that I can use today, that helps me with freedom, and sovereignty”, which in their opinion, Strike is not able to do.
Rendering Altcoins Obsolete
When does the slow and steady approach succeed?
I am not fooling myself, so in no mood to claim I understand the ins and outs of this technical innovation, but make no mistake I am very keen to see how it strengthens Bitcoin. Marty Bent kindly distills the potential for us, in “Taro hits the scene”, driving home that this potentially “renders all of the competing altcoin narratives obsolete overnight”.
This vein of thought, gives further credence to the concept that building on Bitcoin is the best foundation entrepreneurs have ever had, specifically due to the indestructible nature of the core design. Over time it seems obvious to me that the best bits of competing blockchains will be re-imagined on Bitcoin, much like one brings business models or products from their travels home, such as new US inspired subscription models in the UK or Mexican restaurants in Australia.
If you haven’t checked out Lightning Labs in general, you’re missing one of the most impressive organisations in the space, with plenty more exciting products in the pipeline I am sure. Sometimes the fastest model, or the flashiest design, is not the best design for ultra-long term planning; slow and steady can win races…
Bitcoin With Jake Podcast
Check out my latest podcast episodes with Daz Bea and Nathan Smith:
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