Bitcoin Aligns Incentives In The Perfect Way – Bitcoin Magazine

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This is an opinion editorial by Conor Chepenik, a bitcoin pleb.

When a nocoiner asks me about Bitcoin, it’s hard not to take a “Michael Saylor breath” and embark on a four-hour conversation about how there is no second best.

My Bitcoin elevator pitch has become better over time, but it’s hard explaining why the world so desperately needs an honest monetary ledger in 30 seconds. Proof-of-work is required to have the glorious experience of going down the Bitcoin rabbit hole. In this piece I attempt to lay out why the incentives of the network are so well thought out at every level.

Humanity has never before had such a fair game. A truly free market ledger that anyone can access, verify and update if they play by the rules. From individuals to small businesses, followed by grid operators and energy companies, and finally nation-states, everyone benefits in the long run by playing fairly with electricity rather than through coercion and violence. While I’m most hopeful that Bitcoin can help empower sovereign individuals, it appears we are entering the point where institutions start stacking sats.



Source link Bitcoin Magazine

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