Showing posts with label Bitcoin mining. Show all posts
Showing posts with label Bitcoin mining. Show all posts

The Money Super Highway Moving At The Speed Of Light To Become The Predominant Payment And Energy Network In The World


What Set out to be a peer-to-peer electronic cash system for online payments is now becoming the  predominant way to perform large size transactions in the world. Five years ago It used to be a big deal to see a million dollar(us) of Bitcoin moved across the network but these days this seems to happen way more often than not. As Satoshi predicted: 
 Bitcoin is only 15 years old but yet this was a response to the fear of block rewards not being high enough to pay miners to secure the network, but already today Satoshi seems to be on the path to be proving right because these years the average transactions per block is close to 3k tx with an average transaction amount of $30k equal to a $90Million/block in average, which means a lot of demand for block space and large size transactions which ultimately leads to bigger tx fees for miners, so even if the average tx is 10,000Sats/tx this is a 30Million Sats per block in average so $10k/block in only fees not including the block subsidy and the price appreciation over the long term. But why is Bitcoin setting out to become the predominant payment network in the world?

Bitcoin The Money Transfer Network
 Ultimately, Bitcoin is just a superior payment network compare to any other payment network available out-there. Some of the most important Bitcoin features that makes it better are: censorship resistant, so nobody can stop anybody in the world from transacting any amount of money(BTC) during anytime of the day to any place in the world, so no permission is required to use the bathroom in this house. Only these features alone are enough to make it the preferred payment network in the world, Bitcoin also has the lightning network that helps it go farther, this is for smaller amounts of BTC(Sats) transfers, it allows you to pay for things like a coffee, grocery bills, online shopping, donations, etc. You can imagine Bitcoin as a shiny city that powers itself it has a highway(the Timechain, Base Layer1) where mostly all the transport trucks passes with big loads and the local routes(Lightning, layer2) where the cars and bicycles pass. The city powers itself because bitcoin(BTC or Sats) is also the fuel that powers the network, as Der Gigi would say "Bitcoin is the map and the territory". Speaking of territory, most payment network are limited to certain regions or borders Bitcoin is limitless and borderless it will flow anywhere that there is a thirst for money transfers or payments. 

Even though, Bitcoin is still a small independent economy out-there of just $700billion market cap but it is quietly growing exponentially, it's market cap was only $70Billion just 5 years ago. But the most under rated feature of Bitcoin-the-energy-network is it's ability to transfer energy across the world from one party to another. 

Bitcoin The Energy Transfer Network
Imagine being a country that's rich in Volcano Energy but poor in petroleum(Crude oil) Energy or lacks the infrastructure to extract oil under the ground, you can now go to the Bitcoin Mining Network sell your Volcano Energy and use that BTC mined to purchase Oil you need from the country that produce it, and vice versa, you also can sell your oil on the Bitcoin mining network to purchase Uranium(nuclear energy) you need to power your electrical grid. No other Network in world provides that service. Side note, as I am writing I will admit that it also blows my mind as I never thought of Bitcoin like that before too. But this is really the kinds of flexibility and solutions Bitcoin provides that reinforce its superiority over fiat, cypto, gold or anything else combined, because Bitcoin is also an Energy reservoir that never leak energy.
On twitter(x) I wrote, Bitcoin is a leakproof reservoir powerful enough to maintain a 21Million measuring stick hard cap and infinitely deep enough to preserve all the energy this civilization can ever produce at its maximum best capacity for today and forever, for the first time in history humans can now preserve their work, time and energy for an eternity.

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BITCOIN vs AI Fight Which One Will Win


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Why Bitcoin Mining Is Good For The Environment And Why It Needs To Project Much More Power To Burn Fiat Wastes

  For the past couple years there have been no shortages of false narratives and propagandized news articles and youtube videos against the Bitcoin process of securing itself. This is called "Mining" by some but is simply computers around the world protecting peoples money by preventing bad actors from stealing from them.

   It is important to look at Bitcoin mining more as the security of every individuals money on the network, so asking them to apologize for the energy use is like asking them to allow attackers to steal their money. And it is also crucial to understand that the level of energy required to secure the Bitcoin network would not be so high if they were not an ever growing amounts of attacks against its security. So Bitcoin security level or Hash Rate can be viewed as a counterattack of defense instead of an offense, because Bitcoin is just fighting for its survival in a world full of poisonous snakes.

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 Apparently, to some this is a very bad idea, allowing plebs(hard working individuals) to secure their life blood saving energy into something that cannot be debased or steal from them. But those same people are proposing proof of stake(More Stake More Power) as an alternative system to them regardless of all the harms this similar type and current PoS system has and currently causing to the planet, the environment and humanity as a whole.

First of all, Let's see how Bitcoin mining is doing good to the environment and our planet

  It is universal knowledge that we live in a finite planet 12,756 km of diameter and 5.97x10^24 kg of limited mass, therefore we cannot indefinitely expend on it. When central banks are printing unlimited amount of money to stimulate ever growing consuming economies they assume that we can grow forever on a finite planet. This is why we are fulling up our landfills to the max with all sorts of useless products, and also this is why most people are obese(expansion in our body). They want us to spend to support an inefficient economy that is destroying the planet. While they don't seem to realize that, and they are attacking Bitcoin which is the cure to the inflation disease they created in the first place. So by starving the fiat (inflationary) system Bitcoin is ultimately curing the planet and the environment. Because Bitcoin is the opposite of the inflationary system and it incentivizes saving and protection instead of spending and destruction, so no wars like: trade wars, currency wars, world wars, ..

 Many of those fiat excrements out there are too fiat blind to see the net positive benefit of Bitcoin to the environment and the planet and are not sober enough to see how harmful fiat is to the planet. Well, yes most of these energy Bitcoin uses will be harmful Methane gas from landfill generated by over consumed economies stimulated by fiat monies. So Bitcoin is not the cause of the issue here but the fix to the issue itself. Same thing is happening in the oil and gas industry that has an history of being massively subsidized by governments, but now Bitcoin security is paying them to take the gas that would have gone flaring/venting into the atmosphere.

   And most importantly, Bitcoin incentivizes efficient energy production on the energy market, which is great for humanity's prosperity and advancement. So in a Bitcoin standard energy will be cheaper and humanity will be more efficient. Remember, energy is all around us and all above us it's only a matter of finding the best strategy to extract it. 

 Second, let's look at why Bitcoin security needs to consume more energy to project a lot more power

   Bitcoin needs to consume much more energy so it can challenge inefficiencies on the market in other words to bankrupt the zombies and cleanup the messes. Expectably, we will see attackers coming against Bitcoin security from many different angles with all sorts of attack vectors like the mainstream propaganda machine, powerful/influential individuals like Elon Musk, Powerful Organizations, Central Bankers, Proof of stake crypto project leaders or crypto central bankers and more. They see Bitcoin as a threat because it prohibits anyone to steal to become richer and richer to the expense of the plebs(the hard working individuals).   The fiat scam system did a great job in creating a lot of multi-billionaires throughout its lifetime, in fact, the top one percenters own more wealth than the bottom 99 percent. So these people are extremely rich and they can afford to launch any expensive attacks against Bitcoin security(The plebs money) for that same reason we need the Bitcoin hash rate to go close to infinity. Because the higher the hash rate the less they can cheat and the more they are forced to show proof of work like the honest plebs do everyday they go to work. 


How I Warm a house With a Bitcoin Miner While protecting Everybody's Money

If you find value in this please support my work by lightning tip me a few sats using this lovely pink button below
Muun wallet won't work, but Phoenix wallet or other wallets should work,

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