If Bitcoin (BTC) were a country, it could be one of the largest in the world. That's according to Jeff Booth, general partner at Bitcoin venture fund Ego Death Capital and author of Tomorrow's Price: Why Deflation Is the Key to an Abundant Future. Cointelegraph spoke with Booth to better understand and visualize the state of Bitcoin's movement in 2023.
Booth sat down for a pint and a bitcoin chat in Bedford, a small suburban town that has attracted Bitcoin advocates and key opinion leaders of all the world. Booth commented on the rise and resilience of the Bitcoin community and how people can get personally involved in the next decade.
Booth suggested that the Bitcoin community could usher in fundamental change in the world if its members dedicated more time to the cause. She said the change could be spurred "if all those people just said, I'm going to move on and spend more time on this to drastically change the adoption rate."
Bitcoin Holders โ those who hold on to their Bitcoin in the hope that the currency will reach mass adoption โ are the backbone of Bitcoin. However, if more of those people were able to actively use their Bitcoin, the movement could accelerate and reach its goal faster, Booth argues:
โIt would be amazing if the people who are being hedged together decided, I'm going to move on, I'm going to spend more time in the world that I want to see and move their time and attention there. The world would move there. I saw it in myself."
From simple steps like asking if merchants accept Bitcoin to companies that choose accept Bitcoin as a preferred medium of exchange, there are certain moves that people can do to further the cause. In-person Bitcoin meetings also contribute. Booth commented on the impact of the Bitcoin theme royal bedford football team as a way to introduce Bitcoin to a wider audience:
"He is [Peter McCormack is] use this vehicle to advance a bunch of other things, which is really cool."
Peter McCormack told Cointelegraph in a separate interview that Bitcoin's move in 2023 covers much more than just the currency: "It's Nostr, it's Bitcoin, it's mainstream media lies, it's bad governance and regulation." NOSTR is a decentralized protocol championed by proponents of Bitcoin. NOST applications as Damus they seek to compete with Twitter and other popular social media platforms.
Booth shared that there are more and more ways to use and interact with Bitcoin since his initiation into Bitcoin, sometimes referred to as taking the โorange pill.The Canadian notes that the payment network, the Lightning Network and Fedimint, a solution for shared custodypresents more ways for Bitcoin enthusiasts to get stuck. Additionally, a large amount of participation and interaction within these subsets of Bitcoin takes place online:
"It's amazing how many friends I've never actually met, and I consider them close friends that over time you develop these relationships, these online relationships that you've never met."
That being said, โthere is something special about meeting in person and spending that time digging into this. Right, and there's something about that that can't be, I don't think it can be replaced online." Initiatives like McCormack's in Bedford help bridge that gap and encourage Bitcoiners to get involved with the local community.
Related: What security? Bitcoin Enthusiast Cracks Known 12-Word Seed Phrase In Minutes
Furthermore, since Bitcoiners are currently distributed throughout the world, with communities appearing in senegal, Guatemala and VietnamBooth sees potential for local network effects to play out.
"How many Bitcoiners are actually holding it and waiting?" He asked.
If the Hodlers and those who "hold it up" [Bitcoin] like a hedge" he decided to spend more time in the world he wants to see, and to move both his time and attention there, so Booth concludes, "The world would move there."
This interview is part of an upcoming documentary about Bitcoin in Bedford being shown on Cointelegraph's Youtube. Subscribe here.
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