Whenever concerns surrounding Bitcoin’s long term prospects’ going in a negative direction surface, a common refrain of dismissal is “Well tell us what to do about it then.” This The term is also used to dispel all fears of regulation leading towards regulatory capture, deeper involvement of some entities leading higher risks in the consensus process or any other type of failure that involves Bitcoin’s censorship resistance and ability to enable freedom eroding really.
“Well what’s your plan?”
Use Bitcoin. Bitcoin Two important variables, economic actors (miners) and actors in the mining industry are at the center of consensus. Economic Actors decide if a consensus rule set has any value when they determine whether or not to honor their transaction according to the consensus rule. Miners Choose the consensus rule set that has the greatest value for you.
Users What is the actual use of BitcoinBoth mechanisms can be used to gain influence, i.e. to conduct transactions, operate services and implement other protocols in blockspace. Users who value the rules and miners that mine them are both necessary for a consensus set. Users The block space subsidy is not enough to attract the miners. To the degree that fees make up miners' revenue, users who generate those fees have that much proportionate “power” of a sort over miners. They If there is a disagreement about the consensus rules, decide which party to award that revenue. Miners will have to adhere to those rules in order to receive it.
The A threat to institutional adoption or regulatory intrusion is very serious. Bitcoin If people stop using bitcoin and just hold on to it, they will benefit in the long run. In In this kind of an environment, regulators may come down hard on both miners and brokers. They can also have a major influence on events involving consensus. They Can try and veto valuable and useful changes, while trying to push through useless or harmful ones.
So What are we doing to combat that? We Utilize Bitcoin For more than just holding and investing. That Scalability is important. Because It allows for more direct interaction with the system, allowing people to exert their own influence. The We use more than we think. BitcoinThe more users influence the consensus in future, the better.
If Bitcoiners If we treat bitcoin as a mere asset, something that can be held and left idle, it will soon disappear. We The markets Bitcoin facilitates will be a thing of the past.
Bitcoiners Need to be proactive, not passive. We We need more blocks to consume, more business to create, and more transactions to be made. With Paying networks, such as Lightning You can also find out more about Ark, uncensorable derivatives markets using DLCs, even dumb things like Ordinals The following are some examples of how to get started: Inscriptions. The The demand for Blockspace must come from diverse and distributed sources. Not just large companies and institutions that can be easily controlled by regulators and governments.
Bitcoin is very much a “use it or lose it” thing. I’d rather not see it lost to people who actually care about freedom due to apathy.
This The article is also known as Take. Opinions expressed are entirely the authYou can also find out more about's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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