Published on: 2023-04-20T23:06:17+00:00
In a detailed message, the author shares their personal journey with Bitcoin, starting from late 2010 when they saw it as an electronic cash system. However, they express concern about the current state of Bitcoin, noting that it has become more of an electronic asset rather than a peer-to-peer cash system due to regulation and artificially limited block sizes causing network congestion and high fees.The author also highlights the challenges faced in improving fungibility, citing regulatory hostility towards protocols like CoinJoin. They emphasize the importance of practical applications and global usability for Bitcoin to maintain its status as a global currency, despite pressure from governments, industrial lobbies, and cartels.Furthermore, the author believes that Non-Fungible Tokens (NFTs) distract from the ongoing efforts to ensure the safety and stability of Bitcoin as a reserve currency. However, they clarify that NFTs do not affect the fungibility of Bitcoin itself, as there is no token standard being used. These sats or UTXOs can be sold as regular Bitcoin on exchanges and consolidated for use like any other Bitcoin.The issue of Bitcoin fungibility is acknowledged as debatable by the author, who is actively working on implementing a coinjoin feature to prevent censorship of post-mix UTXOs on certain exchanges. They also mention the existence of the Ordinals theory, where some users believe in it and strive to understand how Bitcoin works.Developers are mentioned as being interested in building various things around Bitcoin, including BIP, DEX, libraries, and projects implementing PSBT. The author acknowledges not living in a first-world country and not attending bitdevs but expresses their desire for Bitcoin to be accessible to all.In conclusion, the author urges people to freely use Bitcoin without changing consensus rules, as this approach will ultimately benefit Bitcoin. The message was sent using Proton Mail secure email.
Updated on: 2023-08-02T09:02:43.756693+00:00