Hyperbitcoinization: the transition to a superior form of money? | by Mirev89 | The Capital | Feb, 2022


The Unbeaten Path towards HYPERBITCOINIZATION

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“Hyperbitcoinization is a voluntary transition from an inferior currency to a superior one, and its adoption is a series of individual acts of entrepreneurship rather than a single monopolist that games the system.”

Figure 3. Data from The World Bank, 2021, Broad Money (Current LCU).
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The concentration of reachable Bitcoin nodes found in countries across the globe. (Source: bitnodes.io)

Bitcoin is the global currency and every country is on a Bitcoin Standard. Individuals make payments with their bitcoin wallets on one of the several layer-2 solutions on Bitcoin, like the Lightning Network at almost no cost. Every eCommerce platform and local shop accepts bitcoin. You can also pay taxes in bitcoin. Many banks and other financial institutions have been replaced by decentralized applications, powered by Bitcoin. BTC has become the unit of account for assets and new distributed infrastructures of computing and identities, etc.

Numerous countries are now making good use of the abundance of renewable, green energy to mine bitcoin, establishing gargantuan mining farms. Of course, there’s already a wide use of renewable energy across the world.


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