1. What’s the most creative way you’ve seen Bitcoin used in the real world?
One of the most creative uses of Bitcoin I’ve come across is the deployment of Bitcoin ATMs in countries like the United States and Canada. These ATMs allow users to buy or sell Bitcoin for cash, bridging the gap between traditional currency systems and cryptocurrency. This innovation has made Bitcoin more accessible to people unfamiliar with complex exchanges, demonstrating how physical infrastructure can support a digital asset.
Another great example is how the government of Ukraine adopted Bitcoin during the war with Russia. The Ukrainian government and NGOs, facing an urgent need for resources, started to raise donations in Bitcoin and other cryptocurrencies for military and humanitarian assistance. Weeks later, it had managed to amass millions of dollars, showing the quick way Bitcoin could rally financial resources from all over the world during an emergency.
Lastly, Bitcoin has been put to use in charitable giving, with platforms like The Giving Block enabling nonprofits around the world to accept donations in Bitcoin. The result has been ease in making contributions and access to new donor pools, as charities received millions in cryptocurrency donations during the 2021 holiday season. These examples show that there is extraordinary potential of Bitcoin to solve real-world problems, from improving accessibility and crisis response to philanthropy.
2. If Bitcoin could have only one improvement or upgrade in the next 10 years, what would it be and why?
If Bitcoin could have only one major improvement, I believe it should be on privacy. Though Bitcoin’s blockchain is transparent, the very fact that it is public and traceable puts users at great risk of losing anonymity. Companies like Chainalysis, for example, have provided tracking tools for Bitcoin transactions, which are used by the authorities to track illegal money laundering and ransomware payments. However, the same feature allows breaches in the privacy of common users who would want to carry out personal or business transactions without fear of exposure.
Trying to answer it, Bitcoin only might move to include some privacy-oriented updates, such as zero-knowledge proofs or confidential transactions. These are technologies other cryptocurrencies like Monero and Zcash are already using; they blur information about transactions and at the same time retain the integrity of the blockchain. Better privacy features would balance security with the freedom of users, making Bitcoin more viable and trustworthy to use everywhere.
Increased privacy would also help adoption in repressive regimes where financial surveillance has become a curb on personal freedom. Just imagine citizens using Bitcoin to get around censorship or safeguard their savings from hyperinflation without fear of government retaliation. With the right approach toward privacy, Bitcoin might earn the standing of a digital currency to be used for safe and private transactions globally.
3. If Satoshi Nakamoto were to come forward today and reveal who he was, what impact would that have on Bitcoin?
If Satoshi Nakamoto were to come forward today and disclose his identity, I feel that it would severely disrupt Bitcoin. Much of the appeal with Bitcoin is in its decentralized nature-free from any one authority. If Satoshi were revealed and some kind of link were found to a controversial figure, organization, or government, it could tarnish Bitcoin’s reputation and undermine the trust built up these many years.
A big concern is the fact that Satoshi has huge holdings in Bitcoin, estimated to be more than 1 million BTC. If their identity gets out, the fear of those holdings being sold off could trigger panic in the market-a sudden sell-off flooding the market with Bitcoin, leading to a sharp drop in price and eroding investor confidence. We have seen how market sentiment can be easily influenced, such as when Elon Musk’s tweets about Bitcoin caused huge fluctuations in price in 2021.
Besides, revealing Satoshi’s identity may politicize Bitcoin, where divisiveness might be created within the community. There could also be debates about Satoshi’s so-called vision or intentions for Bitcoin, which could effectively fracture the unity of developers and users. And although the decentralized design might guarantee Bitcoin’s long-term survival, the immediate result of Satoshi’s revelation would most likely be chaotic and destabilizing causing massive losses in value and people’s funds.
4. Do you see Bitcoin’s mainstream adoption outside of investments?
Absolutely. Bitcoin is increasingly being adopted for purposes beyond investments, and real-world examples demonstrate its utility. For instance, luxury brands like Gucci and Balenciaga have started accepting Bitcoin payments in select locations, showcasing its viability as a medium of exchange in high-end markets. Similarly, Microsoft and PayPal allow users to pay for products and services with Bitcoin, signaling mainstream acceptance.
Bitcoin solves real economic problems in developing countries. In Kenya, for example, the platform BitPesa enables businesses to pay internationally at an affordable cost by routing around the traditional banking system. For small and medium-sized enterprises looking to expand operations without having to pay prohibitive fees, this has been a game-changer.
Another powerful example is the way citizens in Argentina use Bitcoin to hedge against hyperinflation and protect their wealth as the value of the national currency plummets. Bitcoin has also been adopted for remittances, allowing families to send money across borders quickly and with minimal fees.
These examples, among many others, show Bitcoin’s growing role in commerce, payments, and financial inclusion, proving that its potential extends far beyond being a speculative asset.
5. How do you think Bitcoin adoption will shape the global economy over the next 20 years?
Mass adoption has the potential to reshape the world economy fundamentally. In countries susceptible to currency fluctuations, Bitcoin could serve as a lifeline. For instance, in Venezuela and Zimbabwe, because of very high levels of inflation, locals sought refuge in the use of Bitcoin increasingly for savings and transactions. If this technology continues to grow in the next years that come, Bitcoin can create a truly decentralized alternative to fiat currency.
Bitcoin’s rise, on the other hand, challenges the status quo of monetary systems. Pressure might force governments into either adopting or even regulating Bitcoin, as happened with El Salvador deciding to give the cryptocurrency the status of legal tender. Still, others like China have banned mining and trading of Bitcoin in a bid to keep firm control over their financial system. This may be a source of economic conflict, since Bitcoin destroys the status quo.
Additionally, the borderless nature of Bitcoin could revolutionize remittances and cross-border trade. Already, platforms like Strike are using Bitcoin’s Lightning Network to facilitate very low-cost international payments, especially in the developing world. Over the next 20 years, Bitcoin might further reduce transaction costs, increase financial inclusion, and empower individuals globally. But the impact will depend on how governments, institutions, and the public navigate its disruptive potential.
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