What Does It Take for Bitcoin to Truly Live up to Its Decentralized Promise?

Or do we need to look in its mirror first?

Lucien Lecarme
Nov 29 · 8 min read
Photo by Icons8 team on Unsplash

Bitcoin has many different sides. It is the best performing asset of the last 10 years and it is the internet of money with the promise of decentralizing our current financial system. And everything in between.

Bitcoin made a journey of being anonymous money for pornographers, drug dealers and other ‘criminals’ on dark webs all the way to being a safe haven currency for people in hyperinflation countries. Bitcoin is also a network of more than 10.000 nodes and the reason for thousands of videos on YouTube every day with price predictions.

Or is Bitcoin made in secret by the FBI, Poetin or Xi Jinping to work towards world domination and full-spectrum financial control?

All of that doesn't really matter. The most fascinating thing about Bitcoin is that it is owned by nobody. It is completely impartial, it is just a network, and yet it seems to gain more and more power.

Bitcoin is the best mirror humanity ever had since nobody owns it

It is Snow White’s grandmother's mirror on the wall, telling who is the most powerful, rich and beautiful of them all.

Let's take a look in that mirror as a true magician and see what Bitcoin is showing humanity at the moment. Will Bitcoin ever fulfill its dream of becoming the neutral peer to peer internet of money?

The first thing Bitcoin shows us and what stands out is a real big fat pyramid. Bitcoin has been hijacked by old money.

In our current financial system, money comes with interest, so it needs to make more of itself. Bitcoin offers a great way to make new money for old money. At least, when you know what you are doing. Its volatility offers a great opportunity for massive gains, and for enormous losses too.

The cool thing for when you have really a lot of old money is that you can manipulate its price. Bitcoin is a young currency, its in its infancy. Only around 200 billion market cap.

Throw a couple of hundreds of millions in the ring, and the retail traders find themselves knocked out and rekt on the floor.

This is why big whales like the waters of Bitcoin. They can play around freely, without regulation. Also, think Hedge funds here all the way to Governments. Yesterday China hated Bitcoin and banned it, but tomorrow Xi Jinping wakes up, had a dream about a revolution of money, and he loves it. This news causes big moves in Bitcoin’s price and big smiles on Xi pings face. Next month he will ban it again and make the short of the century.

Is Bitcoin here to only accumulate the enormous wealth in the top of the current pyramids of financial entities?

Well, apparently the answer is yes. The good old printed out of nothing money has created a new pyramid of extremely rich Bitcoin wallets and owners inside the Bitcoin ecosystem. Together with the early adaptors, they form the 2000 people that own 40% of Bitcoins.

As our magic mirror, Bitcoin reflects what our current world is made of; big pyramids where the top is extremely rich. Believe it or not, but this is actually good for Bitcoin’s endgame. Read why here

Photo by Ross Findon on Unsplash

Let's keep things simple and divide the world in fear and love, greed and generosity and light and dark. The world is in a big transformation at the moment. This feels like tectonic plates are moving under the way we have organized our economy, religion, and society for ages. We are in for some big changes. For example, many believe that our economic and financial system it getting obsolete. As a result, we are moving from hierarchial pyramidical systems into more flat, neutral and decentralized ways of structuring our society, organizations, and money.

It also means that many eventually will have to let go of the old system. Also the people in power in the old system. As with all change, transformation can lead to fear of letting go. Why not build a wall of money around you. Create huge financial safety to protect you for the disruptive changes that are appearing at our horizon?

Our fears make us accumulate as much money as possible to built castles with guards and security cameras that separate us from the ordinary people that soon will be left with nothing, because they don’t have any Satoshis.

This is another real sentiment in the Bitcoin world. We all know that Bitcoin has a max cap of 21 million. No more Bitcoins will be mined around 2140 when that number is reached. We already seem to be around 17 million Bitcoins in circulation. This makes Bitcoin a scarce asset. This gives food for crazy speculations, from 1 million in 2020 to… well, the sky is the limit for Bitcoin.

Now imagine this; when only a few people would own many Bitcoins, what would that essentially change in the basic set up of our financial world? Isn't the revolution of money about a great redistribution of the money from the top of the pyramid into the wallets of all?

When the accumulation of Bitcoin for fear of change would be its main driver, nothing much would change. Bitcoin would just become the next financial pyramid, only this time much bigger with Nakamoto sitting laughing at the top with his 500 million Bitcoins.

It is us, the people that need to change first.

Photo by Ravi Roshan on Unsplash

The global growth of awareness is another shifting tectonic plate of our transformation. One not to underestimate.

Technology is only as good as the intention of its users or owners. Blockchain technology can help a state like China turn into an orwellian digital system of control, or it can fuel a truly decentralize new form of money owned by the people embracing values beyond greed, power and competition

For the growing amount of people that want real positive change on this planet, Bitcoin represents the possible money of that bright future. Or a digital store of value, or both.

For them, Bitcoin is the Messiah of money to free modern-day debt slaves with a new form of value exchange. The flagship coin of decentralization bringing financial equality, inclusion and possibly even a borderless, peer to peer digital money. In fact, this vision is closer to founder Nakamoto’s dream. As in his whitepaper, he speaks of

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

But again, it is what we, the people make of it. Peer to peer money means taking responsibility for our own means of exchange, without expensive middlemen. Technology offers us right now this window of opportunity with Blockchain technology. The question is if we are ready to become our own bank without customer service?

We are in a massive transformation. And Bitcoin mirrors us this change. On the one side of the coin, we see a massive accumulation of Bitcoin wealth that forms a new crypto pyramid altogether. Any revolution seems far fetched in that reality. In my opinion, this mirrors the fear many people have towards the change, and partly it's the echo of our ‘old’ economic system that is simply made out of pyramids.

Now think of this. When we want real change on this planet, we need to redistribute the wealth. We need to include the economic refugees, we need to Bitcoin bank the unbanked. More equality will lead to more unity, which will make us humans thrive in an accelerated way. Unprecedented in history.

On a cultural level, we need to change our story first. We need a different answer on the question what makes us human.

In the old story, we believe in scarcity and lack and competition. More for me is less for you. We have seen our precious earth as in infinite resource for economic growth, to make more money to pay off the ever-growing interest rates of money. We now start to realize that there is no infinite growth on a finite planet. We have taken a huge mortgage on the future of our children.

When we are able to fully embrace and embody the new story, we will embrace different values first. We embrace financial inclusion. When I have too much, I give you and earn a social dividend. We break through the wall of lack and embrace our abundance on this beautiful planet. We start circular economies, simplify our way of living and start healing the planet.

In this new story, holding thousands of bitcoins simply won't make you happy, but belonging to a tribe who is living the change, in where you can fully give your gift in connection and love, might.

What Bitcoin shows us, is that we are not there yet. We are far from a Utopian decentralized world without competition, thriving communities and equal systems of wealth distribution. How this world might look like in 2029 I describe here;

Bitcoin is showing us how we look at money today, while it beholds the promise of the money of tomorrow

For Bitcoin, Blockchain technology and crypto to become its promise, its full potential, it’s us who need to change first. We need to grow as humans. It almost looks like we need to go through those dark shadows, play them out fully.

The greed of humanity needs to get rekt first until we realize we where already rich because we are granted with the greatest gift there is: Life

I know I sound very optimistic and new age here. A world without greed? That is hard to imagine, if not impossible.

I learned to instead of looking at Bitcoin’s price all day, to invest in myself. To make myself a better human, to find my purpose and thrive. Bitcoin represents the growth of awareness that many people on the planet undergo in this era of transformation.

The two faces of Bitcoin carry the deepest shadow of our world and the brightest light. The dark side will transform in the light side. When you change, Bitcoin and what it represents to you will change.

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Lucien Lecarme

Written by

Author of ‘The Wisdom Keeper’*Soul Explorer*Visionary* Top writer in Bitcoin and Sustainability*Crypto Educator*Retreat Organizer in Ibiza* Inspirational coach*

The Startup

Medium's largest active publication, followed by +540K people. Follow to join our community.

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