My "why B/bitcoin ?"​

I wrote this article to explain why for me Bitcoin is a monetary revolution and then a digital revolution, without equivalent (personal opinion).

I have an engineer profile, I have participated in the past in several large-scale projects and technological breakthroughs. I have been an entrepreneur and consultant for large accounts since I was young, in 1995. For a few years, I have focused from a technical point of view in the field of Bitcoin and blockchains including other cryptocurrencies. We have worked with the main protocols, seen most of the current use cases in most industries and several institutions, worked with all kinds of structures, in Europe and Africa. My understanding of Bitcoin has evolved, and today, I come to 2 observations:

• The protocols presented as alternatives to Bitcoin can be very advantageously replaced by layers 2
• In all cases, we need Bitcoin's unique monetary protocol in layer 1

As much Bitcoin can be clear to understand as long as it is studied seriously, and does exactly its function, no more, no less; as much its role probably goes beyond the initial proposal. Bitcoin does not belong to anyone, bitcoins belong to each person able to "take" them out of their property with a cryptographic equation (private key). This implies that it is not globally oriented and that everyone can mathematically or technically choose uses.

It is what we can do with it. If we use it as a store of value, it becomes one for us, if we use it to pay it becomes a means of payment for us, if we use it to trade it becomes an asset for us. Legal definitions describe existing objects, but Bitcoin is very new and very practical in several cases. Above all, it is designed so as not to be defined in relation to a context and legal repositories, but in a mathematically verifiable, intrinsic, autonomous and universal way.

My understanding of the practical proposition of B / bitcoin

1. The only anti-fragile and durable monetary protocol and standard for storing value. This allows:
2. The open secure and resilient open digital infrastructure. This allows:
3. The only truly reliable verification of the proofs of the states of blockchains, proofs, rights, representations (NFT, STO ...), states of processes or calculations, micro-payment networks then possible, this delegation of security allowing them to be fast, free, ecological and efficient on a large scale. This allows:
4. Sustainable organizations (multi-signatures). The sustainable economy hangs on governance, "Bitcoin fix it".

My understanding of the B / bitcoin value vs alt solutions

Resilience is the goal, decentralization is a tool for resilient infrastructures. If you can verify states on a resilient infrastructure then you don’t need to decentralize process, « home made » smart contracts, oracle, DeFi protocols, specific tokens, staking protocols... A pegged fast free layer2 works for all of that and all kind of representations and computed states without DeXxx.

• Bitcoin market: gold + digital resilience
• /!\ Scam market: decentralization of third usages and/or collaterals/"auto staking" (still with the same valuation) or process decentralization (wrong and inefficient)
• New market(places): pegged layer2 networks of representations for open national registers/finance/banking/supply chain (NFT, STO..), micropayment, integrated cash management, IDs, IP... (all require B/bitcoin layer1 for peg on a resilient digital infrastructure)

My vision of the social emergency to massively adopt Bitcoin

Real governance in the digital age is that of digital infrastructures. As it stands, digital infrastructures are dangerous and we need to protect ourselves. I must be "Cypherpunk Now" because no organization can protect our value creations, messages and transactions in the digital age.

The other emergency is our social contracts. The foundation of democracies. If our democracies are so imperfect and more and more destructive, it is because the social contract is broken, even if a “principle” of cohesion remains culturally. But trust is not an unlimited resource.

My understanding of what has been broken, and what Bitcoin brings as a way to build something else (if desired)

The Fed and the European Central Bank have broken the social contract based on money. It is no longer a direct application of state policies, but the representation of (repeated) debt issues for speculative bank purchase on the stock market contributing to a bubble of these actions from which only the richest benefit; with a redistribution which is very imperfect when it exists. So most people have a debt currency which de facto depreciates from inflation and which enriches the richest without a real market. Worse, this state debt is paid off by our taxes, with a tendency to withdrawals from savings, which is even worse suitable for most people.

Bitcoin does not issue its tokens based on debt, it is a rule for securing a resilient computer network, and there will never be more or less tokens. This is the only completely neutral way to have a currency with integrity, which we cannot manipulate in any way. Bitcoin does not carry a social contract, it is a program, nevertheless it protects our identities, values, messages, and transactions, it allows everyone to historize evidence without fear in relation to the governance of the infrastructure. This makes it an essential tool for building better social contracts.

Conclusion

There would still be a lot to say, in particular on the unstable gain of Bitcoin for the environment or the need to disintermediate the banks and limit financial abuses. But these are side effects. The main thing is that Bitcoin

• our only current solution to have a reliable digital network and it has proven it for 12 years when it is not yet in v1
• our only current solution to rebuild social contracts with a reliable monetary protocol

If you are looking for use cases, Bitcoin is:

1. gold
2. Secure the internet

If you are looking for use cases to build on Bitcoin it is:

1. Facilitate access to value creation and its protection
2. Facilitate access to digital networks usages and their protection