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Bitcoin hit a new all time high. The obvious reason was the United States’ Securities and Exchange Commission allowing ETF Futures. Others include the aftermath of the pandemic, inflation, and meeting the needs of supply chains and digital networks.
This last factor is rarely discussed outside of crypto circles. Read on for a logical progression to Bitcoin 1.0- the future of decentralized money that’s not too far away.
Bitcoin 0.1 in America
One merely needs to consider the immaturity of the Lightning Network to understand how far Bitcoin can go. Security has been the top priority since day one. That is, security of digital assets. The first blockchain was designed to handle high transactions at low cost by simply increasing block size. The majority of miners decided on altering the original course. Hence, the high fees and several minutes per transaction.
Credit Cards in America
Credit cards were designed for convenience, not speed. The apparent speed is one of illusion. It’s a trick that few people understand. And yet, most people readily relinquishing financial permission to third parties with little or no regulation. Sure, banks are regulated, as are credit card companies. Permission forgone and the reality of day to day transactions would shock the average person. And still, most would likely accept the circumstance as a necessary trade off of the digital age.
Paper Money in America
Part of the reason that credit cards can get away with loose and out right infringement upon liberties is owed to the move from precious metals to that of paper money. We elect our leaders, but not our financial custodians. Personal money managers they are not.
They are no more immune to the lure of greed than anyone else. What might seem like good intentions can easily be clouded by emotions. This is a truth that did not exist when gold was the primary monetary medium. Each possessor was like a king of the old world. There was no third party. Greed was theirs to own.
Note that paper money does not truly arrive in America until Silver Certificates are discontinued and the collapse of the Bretton Woods Agreement.
Gold in America
From sea to shining see, gold has been recognized as THE commodity of fair trade among all human beings. Egyptian empires, rightly or wrongly, believed that these nuggets forged within suns held supernatural power. On our side of the ocean, stepped pyramid leaders dawning also themselves to be gods inspired a legendary City of Gold.
Neither gold as money, nor currency, nor paper dollars are entirely of America. The printing press had already existed. Paper money merely leverages lightweight distribution of heads on currencies. Bitcoin is far from such a mechanism.
Anyone who’s used credit cards know that Bitcoin 0.1 advances digital transactions. Digital asset ownership over credit trustees allow for distributed permission systems. In other words, every transaction, however minor, becomes subject to the parties involved and not a third party trustee.
Consider the following comical illustration:
In the Old West (of America) whence gold was freely traded without Roman Emperor heads on flattened nuggets, those who held gold made the rules. If Blackbearded Bart the Dark Hearted had a gold nugget that you wanted, he could request you make him bread, slaughter a pig, and throw in some cheese. As Skinny Slim Jim approached with a plate of bread glittering with Old West sand dust, BBTDH could still ask Skinny Slim Jim to play a bit of Simon Says before releasing the gold nugget to him.
Bitcoin 1.0
Bitcoin was always about more than just digital asset ownership. It’s about leveraging, not just the digital age, but the computational power of all teh world’s devices.
THIS IS IMPOSSIBLE WITHOUT DISTRIBUTED PERMISSIONS SYSTEMS FOR EVERY USER!
Bitcoin 0.1 is about taking control of your digital assets. Bitcoin 1.0 delivers on the inspirations of a digitally connected world.