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IPFS News Link • Bitcoin

No One Understands The Monetary System, And That's Not OK

• by Joakim Book

Understanding the monetary system is foundational to seeing what's wrong with the current system and to have a true grasp of Bitcoin and its importance.

"If you want to make an apple pie from scratch, you must first invent the universe." 

– Carl Sagan

Among the first objections that arise for anyone who has just learned about Bitcoin is "this is too complicated to understand." And it's true; private keys, block times, difficulty adjustments, UTXOs, uncensorable CoinJoin transactions, hash-something — the learning curve is steep and, for most, the reasons to ascend it seem few and far between.

The first time I was introduced to Bitcoin in practice (not in theory — techno-babbling libertarians had unsuccessfully pitched me the idea for years), the intimidatingly tech-savvy guy who did so botched the process.

First, he had me download some shady-looking app — which I didn't have space for on my phone, and so, ironically, I first had to remove a few podcasts on monetary economics. Second, he had the app generate some random words, and in the absence of pen and paper, had me type them into my phone's (cloud-saved!) note-taking app. Third, he tried to send me 100,000 sats, but the spotty internet on his phone kept interrupting the process.

Clearly, I wouldn't become a convinced Bitcoiner that evening; the hardships of the process seemed altogether useless — the cure worse than the central banking disease it supposedly tried to solve.