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In this episode Aaron and Kurt discuss some of the late action to come to Bitcoin. Aaron recently attended the CDMX Bitcoin meetup in Mexico City, where he tunes into the Mexican bitcoin vibe. Although the spotlight was taken by Ethereum and the DAO, it was still a Bitcoin meet up. The Bitcoin discussion took focus on the upcoming Bitcoin halving, where the mining reward falls from 25 bitcoins to 12.5 bitcoins per 10 minute block. This deflation mechanism is built into the Bitcoin blockchain algorithm, as outlined in the Bitcoin White Paper. The bitcoin currency is receiving much price speculation as a result of the supply and demand economics of this mathematical change. The past months have seen a gradual rise in the bitcoin price – this is believed to be an early result of the near halving. However, with endless factors in the bitcoin price discovery, nobody can ever state for sure. What we do know, is that, Bitcoin is growing up.
We are now 33 days or less away from the halving and everyone is keenly watching the bitcoin price. With early and positive movements in the bitcoin price, we can only look for hints in the Bitcoin statistics. A note taken at the Bitcoin meet up – Mexican bitcoin exchanges are experiencing an increased in exchange activity, this is based on the increased inflow of fiat currency for the exchange for bitcoin. Not just the active trade activity, there are huge increases in the fresh money into the bitcoin economy.
Sometimes its difficult to imagine the Bitcoin money system growing to equal the government constructed and controlled one, but there are many ways to view Bitcoin. Some see Bitcoin as new money, others see it as a fast remittance system and some of us see it as a technological advancement in world communication. Bitcoin is all these things and more; this is the beginning of a completely new era of world finance. By this I mean, Bitcoin is the game changer that most of us have been waiting for. The increased adoption of Bitcoin will have very heavy implications for governance, social ideologies, world economics and trade – and will leave those who think they are in charge, questioning their own levels of control. Here, they will find no choice but, to let ‘man’ free. This is one that only Father Time knows how it will play out and maybe the true nature of the financial super hero!