Evan on Nostr: So, a lot of that is just memes. Let’s start with what makes it different: it’s ...
So, a lot of that is just memes.
Let’s start with what makes it different: it’s the first, it’s the biggest, it’s the most decentralized.
It was also a paradigm shift in technology, allowing for digital scarcity, which can’t be duplicated. When I first started using it, there were maybe 5000 altcoins. Now there are 50,000+. There’s only been one bitcoin, though. Nothing has ever dethroned it, or even come close.
As to how it changes the world, there are LOTS of ways. To briefly cover a few…
Probably scarce money has never existed before. Its deflationary nature and hard cap completely change how all money previously has worked.
The mining itself also pushed our energy usage forward it wild new ways. For mining to be profitable, it needs to use energy a lot cheaper than most people or businesses pay. As such, it has been pushing renewables forward, can be used for load balancing, and works great on otherwise waste energy. It can even help mitigate methane by burning it where it was otherwise vented.
Lastly, at least on this list, it takes control of money out of the hands of any government. None can ban it, none can manipulate it. Several have already tried and failed.
Let’s start with what makes it different: it’s the first, it’s the biggest, it’s the most decentralized.
It was also a paradigm shift in technology, allowing for digital scarcity, which can’t be duplicated. When I first started using it, there were maybe 5000 altcoins. Now there are 50,000+. There’s only been one bitcoin, though. Nothing has ever dethroned it, or even come close.
As to how it changes the world, there are LOTS of ways. To briefly cover a few…
Probably scarce money has never existed before. Its deflationary nature and hard cap completely change how all money previously has worked.
The mining itself also pushed our energy usage forward it wild new ways. For mining to be profitable, it needs to use energy a lot cheaper than most people or businesses pay. As such, it has been pushing renewables forward, can be used for load balancing, and works great on otherwise waste energy. It can even help mitigate methane by burning it where it was otherwise vented.
Lastly, at least on this list, it takes control of money out of the hands of any government. None can ban it, none can manipulate it. Several have already tried and failed.