IMAGINE A CURRENCY WHICH IS FREE OF GOVERNMENT CONTROL, AND IMPERVIOUS TO INFLATION. Imagine being able to hide your money, to do with what you wanted, without fear of being spied on? Have you ever wanted to play the markets, but didn't have the necessary capital to get started? Bitcoin makes this possible.
Bitcoin is as revolutionary as the invention of the automobile or the aeroplane, but whereas those technologies were explosive, Bitcoin is implosive.
If Bitcoin does indeed take off, it will be strange to live in a world where prices go down, not up. Value will be diced into ever more microscopic units, instead of ballooning into the stratosphere. In a Baudrillardian way, it is perfectly appropriate. Bitcoin is the perfect currency for the Age of Implosion.
Bitcoin is the only the start. Imagine a new Internet which was truly decentralized, in which every computer was a server, sending and receiving files It is not just an idle dream; this is achievable now. Through Namecoin, a new World Wide Web could be created which was censorship proof, and also tradeable. While browsing on this platform, imagine that every artefact that you encountered -- be it GIF, JPG, MP3, or even a snippet of poetry -- had its own mediachain, detailing its origin and its intellectual property rights. Smart browsers could skip over intrusive cookies and ads, and would allow you to tip the creators of content which enriched your life. Data pirates like Google could be superseded by Teal-colored DAOs: cut out the middlemen; reward directly content creators! Mind you, it is possible that a content creator could be your toaster, or a thermostat in Siberia! As Jaron Lanier opined, every gadget deserves to profit. That said, even a toaster can crash the Internet.
It goes beyond the Internet. Smart contracts could replace lawyers. Your public key could become your passport, and the store of your reputation.
That is one vision of the future... Kim Dotcom has another.
Create a virtual nation with likeminded others, backed by your own virtual gold standard. The world's your oyster. BitNation is coming. If you want to stick with your old country, Futarchy might become the norm.
Every person is a country, and now even time can be traded.
In the gap between the currencies, as the interface between them, there is Ripple.
The Network Effect
The Network Effect
There are not one, but seven Bitcoin network effects.
As one visionary has written: "A liquid can be supercooled into a state that can support crystals, but no crystals form because there are no initial crystals that the liquid particles can attach to. However, once a tiny impurity, or “seed” is introduced into the liquid, a crystal will form around it and grow quickly until the liquid has been absorbed. By this metaphor, the supercooled liquid is the world as of a few years ago, ripe for a monetary revolution, and the seed is the initial bitcoin purchase."
Bitcoin is the implosion, and implosion is the Network Effect.
When the World Wide Web was young, there weren't so many websites to look at. You would surf from site to site, all completely different to each other. There were no niches at this time, but that didn't matter... the thrill was a new publishing format in action. Some of those sites might still exist, but they have been drowned out in the explosion of the Web.
Could Bitcoin split into two separate currencies?
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As of May 2017, the Bitcoin blockchain comprised 107 gigabytes of data.
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