I am convinced that Hyperbitcoinization (see explanation below) is not only possible but necessary. We need to get rid of the government monopoly on money, which benefits only a small elite, but is harmful to everyone else. The money monopoly allows the government to devalue our savings by creating money out of thin air. This monopoly is responsible for dangerous boom and bust circles and economic crises.
It will surely require some effort to replace monopoly money by decentralized, state-free money such as Bitcoin. The role of this blog is to educate people about the necessity of this process and about the advantages of Bitcoin over monopoly money.
I am not a Bitcoin maximalist in the sense that I think there should be only one form of cryptocurrency. I believe that a free competition of currencies, as Austrian economist Friedrich August von Hayek suggested in his 1976 book The Denationalization of Money, is the best way to identify superior forms of money.
However, I do see that Bitcoin has a nearly unbeatable advantage in this competition over the thousands of cryptocoins and -tokens that exist today. Bitcoin is by far more decentralized than any other project, it has the most robust computer network and the brighest minds working on developing it further. That is why this blog focusses on Bitcoin, without ignoring other interesting developments.
The Hyperbitcoinizer will cover everything that can be relevant for Bitcoin’s success: technological breakthroughs, political developments, interesting use cases. I will publish interviews with the movers, shakers and builders of the Bitcoin revolution and rather timeless stories, nothing too news driven.
What is Hyperbitcoinization?
This term was coined by Daniel Krawisz, Director of Research at Satoshi Nakamoto Institute, in an article in 2014. It means the process of replacing fiat currency with Bitcoin.
Krawisz describes Hyperbitcoinization as 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.”
He argues that, similarly to hyperinflation, once this process starts it will be impossible to stop it and there will be no going back to the previous monetary system.
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