Golden Fire in Your New Bitcoin Shoes

Why Economists and Environmentalists Are Often Wrong About Bitcoin

By: Jamil Hasan

Narrated by: Virtual Voice

Length: 1 hr and 20 mins

Publisher's summary

For anybody interested in learning the intricacies of cryptocurrencies, there are several outstanding books that go into every detail of Blockchain technology, Bitcoin, and the rise of cryptocurrencies. One such book was my first solo book "Blockchain Ethics: A Bridge to Abundance", published March 1, 2018. This captured the height of the Initial Coin Offering craze, just before Bitcoin entered Crypto Winter 2018, a few months before two massive heart attacks I suffered later that year. Obviously, I recovered. So did Bitcoin.

In that book, I note a few important things about Bitcoin that since have been developed much further than they were in 2017-18. On its surface, the idea behind cryptocurrencies is simple: what if there were an internationally available monetary system that didn't rely on a central bank, was out of the hands of centralized governments, and was controlled by direct actions between individuals? The reality, though, is far more complex. To begin, we must ask: what do we base it on?

With Bitcoin, the answer is data. One way to combat insider information, corrupt historical finance, and banking backdoor deals is by sharing information across a much broader group of people. At its heart, Bitcoin is a shared database. Through the years, a Wall Street narrative has formed calling Bitcoin a "store of value". But it is really so much more than that.

Most people talk about the price of Bitcoin. During November 2021, at its most recent peak, Bitcoin reached an all-time high of $69,045. That prompted many a Twitter account to bring out laser eyes on their profile pictures. Of course, subsequent crypto industry events forced that number rapidly downward over the last couple of years.

Many more conversations center on Bitcoin being a distinct form of money from the standard fiat economy. What is less talked about, but equally interesting and important are the benefits of Bitcoin for retail shoppers to receive utility in return for on-line purchases, and the positive long-term environmental transformation made possible by mining Bitcoin and conserving wasted energy caused by centralized data centers and Christmas lights. A further lesser spoken benefit is at the convergence of the Internet of Things, artificial intelligence, smart cities, and blockchain technology. Bitcoin will have an unforeseen role to play there too.

This forty-fifth book in the Crypto Hipster Chronicles series, entitled "Golden Fire in Your New Bitcoin Shoes" draws from three Crypto Hipster Chronicles podcasts. Alex Adelman, Chief Executive Officer, and Co-founder of Lolli, shares how to use his company's retail platform to earn Bitcoin as cash back on consumer purchases. David Palmer, economist, and lead for blockchain development at Vodafone, shares his views on why classical economists are often wrong about Bitcoin, as well as the importance of creating an economy of tokens and the beneficial implications of this economy. And Romain Nouzareth, Co-Founder, Chair, and Chief Executive Officer of CCU., shares his insights about nuclear fusion and self-sovereignty with Bitcoin mining. I hope you find this book both educational and useful in your crypto and life journey.