The Bitcoin Transition: How HODLers can become changemakers and drive adoption

If Bitcoin (BTC) were a country, it mightiness beryllium 1 of the biggest successful the world. That’s according to Jeff Booth, wide spouse astatine Bitcoin venture money Ego Death Capital and writer of “The Price of Tomorrow.” Cointelegraph spoke to Booth to amended understand–and visualize–the authorities of the Bitcoin question successful 2023. 

Booth sat down to bask a pint and a chat astir Bitcoin successful Bedford, a tiny suburban municipality that has attracted Bitcoin advocates and cardinal sentiment leaders from each implicit the world. Booth commented connected the emergence and resilience of the Bitcoin assemblage successful the 2020s decennary and however radical tin get progressive personally.

Jeff Booth (right) speaks to Cointelegraph's Joe Hall

Booth suggested that the Bitcoin assemblage could usher successful a cardinal alteration to the satellite if its members dedicated much of their clip to the cause. "If each of those radical conscionable said, I'm moving and spending much of my clip successful this to massively step-change the adoption rate," Booth told Cointelegraph.

The Bitcoin HODLers, those that “hold” onto their Bitcoin successful the hopes of the currency one-day reaching wide adoption, are the backbone of Bitcoin. However, if much of those radical could actively usage their Bitcoin, the question could prime up steam and scope its extremity faster, Booth argues:

“It would beryllium staggering if the radical that were conscionable holding arsenic a hedge decided, I'm going to advance, I'm going to walk much clip successful the satellite I privation to spot and determination their clip and attraction there. The satellite would determination there. I saw it successful myself.”

From elemental steps specified arsenic asking if merchants judge Bitcoin to choosing to judge Bitcoin arsenic a preferred means of speech astatine businesses, determination are definite moves that radical tin marque successful bid to further the cause. In-person Bitcoin meetups besides contribute. Booth commented connected the interaction of the Bitcoin-themed Real Bedford shot team; it’s a means of introducing Bitcoin to a wider audience:

"He's [Peter McCormack is] utilizing this conveyance to beforehand a full clump of different stuff, which is truly cool."

Peter McCormack told Cointelegraph successful a abstracted interrogation that the Bitcoin question successful 2023 isn’t conscionable astir Bitcoin: “It’s Nostr, it’s Bitcoin, it’s mainstream media lies, it is mediocre governance and regulation.” NOSTR is simply a decentralized protocol championed by Bitcoin advocates. The NOST applications such arsenic Damus, question to vie with Twitter and different fashionable societal media platforms.

Booth shared that determination are much and much ways to usage and prosecute with Bitcoin since his initiation into Bitcoin–sometimes referred to arsenic taking the “orange pill.” The Canadian observes that the payments network, the Lightning Network, and Fedimint, a solution for shared custody, contiguous much ways for Bitcoin enthusiasts to get stuck in. Moreover, a batch of engagement and enactment wrong these Bitcoin subsets takes spot online:

“It's astonishing however galore friends that I've really ne'er met–and I see them adjacent friends that implicit clip you make these relationships–these online relationships that you've ne'er met.”

That said, “There is thing astir gathering successful idiosyncratic and spending that clip going deeper doing this. Right, and there's thing astir that that can't beryllium I don't deliberation tin beryllium replaced online.” Initiatives similar McCormack's successful Bedford assistance span that spread and promote Bitcoiners to prosecute with the section community.

Related: What security? Bitcoin enthusiast cracks known 12-word effect operation successful minutes

Plus, fixed that Bitcoiners are presently distributed crossed the globe–with communities popping up successful Senegal, Guatemala and Vietnam, Booth sees imaginable for section web effects to develop.

“How galore Bitcoiners are really conscionable holding it and are waiting?” He asked.

“It would beryllium staggering if conscionable the radical that were conscionable holding arsenic a hedge decided, ‘I'm going to advance, I'm going to walk much clip successful the satellite I privation to see’ and determination their clip and attraction there.”

Ultimately, Booth concludes, “The satellite would determination there.”

This interrogation is portion of an upcoming documentary astir Bitcoin successful Bedford shown connected Cointelegraph’s Youtube. Subscribe here.

Cointelegraph Magazine: Bitcoin successful Senegal: Why is this African state utilizing BTC?