*”Bitcoin isn’t real money until you can buy coffee at the street corner with it.“*
I’ve heard this frustrating argument many times. I don’t have exact numbers to confirm the current global adoption rate, but I believe over 90% of the world still doesn’t know about it. That’s why many still mockingly view Bitcoin as play money, stemming from their own misunderstandings.
Indeed, most general businesses don’t accept it as a ‘Unit of Account’ yet. No governments globally have allowed Bitcoin to be a ‘Medium of Exchange.’ And why would they? Who would willingly relinquish financial control and power?
For over a decade, Bitcoin has proven itself as a ‘Store of Value’. No other form of currency can preserve and enhance wealth like it. The HODLers have witnessed Bitcoin’s value appreciation over time, surpassing fiat’s fickle nature.
This phenomenon makes most Bitcoin enthusiasts reluctant to spend their stash. It’s understandable and beyond criticism. After all, it’s a natural right of an individual. We can’t force someone to frivolously spend their saved Bitcoin, can we?
Then came Joseph Poon and Thaddeus Dryja, who jointly developed the Lightning Network in 2015. Bitcoin’s world was never the same.
In 2018, the Lightning Network was introduced to the public. Starting with about 4 BTC and 1,000 nodes in March 2018, it has grown to 4,797.48 BTC (+119,837%) and 15,448 nodes (+1,444.8%). No other payment system has witnessed such astounding growth.
Bitcoin enthusiasts, then, face a personal dilemma *(especially from my experiences in Thailand)*. They must choose between hoarding fervently or using a fraction of their Bitcoins. Whichever path they choose, both essentially promote Bitcoin adoption. Both are pushing Bitcoin to become genuine money and gain global acceptance.
A new case study emerges for Bitcoin adoption following the advent of the Lightning Network. Instead of beginning with a laborious and time-consuming study of Bitcoin, this new generation can immediately adopt it through learning and experimenting with Bitcoin Lightning. Once they experience its convenience and instantly recognize its benefits, they willingly dive deeper, venturing down their own rabbit holes.
I have an example to illustrate this. The excitement of numerous people who tried the Lightning Payment at the Bitcoin Thailand Conference 2023 (#BTC2023).
https://youtu.be/-wVuD9QUe5U?si=2e7mfhhkVsbJrPU0
We at Right Shift saw this phenomenon coming from the outset, and have played a pioneering role in pushing Lightning Network Adoption in Thailand consistently throughout 2022-2023. The impact has been overwhelmingly positive.
I can confidently state that its momentum is truly powerful. The only thing that could possibly hinder its growth is governments that don’t wish to see it succeed. I believe they will either find a way to regulate it or, more likely, resist it vehemently with their lackluster CBDCs. Ironically, they’re only driving more interest towards Bitcoin.
Today, I’d like to extend my gratitude to fiatjaf, the developer behind this human protocol, and Jack Dorsey, the force behind Nostr which you are using right now. Although it lacks any algorithm, I’m naturally addicted to it. I feel like a kid who has just received a Playstation5 after waiting for 3 years.
Nostr is the next evolutionary step for humanity, working hand in hand with the stories I’ve mentioned above to further Bitcoin adoption. In a world currently heading towards severe inflation and mainstream social media acting like power-hungry tyrants, these elements will serve as perfect catalysts to accelerate the inevitable adoption.
I have endured the mainstream media and those overwhelming apps for so long. As soon as I encountered Nostr and its constant developments, I instantly foresaw the victory of the side I chose, which will surely happen in the near future.
My team, Right Shift, and I spent less than an hour discussing the campaign to promote Nostr in Thailand. Believe it or not, after that, hundreds of Thais started exploring Nostr, some of whom had never heard of the Lightning Network before!
They grew tired of the overbearing rules of mainstream social media platforms and quickly embraced Nostr *(as evidenced by #ThaiNostrich, #Siamstr, and specific events like #ThailandZapathon, as well as what’s happening on Zap.stream).*
Nostr, which has captured their hearts, introduced them to Lightning and Bitcoin. This realization hit me immediately.
I believe it’s a brilliant idea to show people the deterioration of this world, starting with the online community and then expanding to the real society under the control of governments that shouldn’t exist and play their current roles. Eventually, they will see that Bitcoin and Nostr are solutions to these distortions.
For this reason, Nostr is paving the way for more Bitcoin adoption options through use cases that resonate more with contemporary society.
Bitcoin is no longer a challenging or rocky subject to study. Nostr is one of the easiest and most fun ways to adopt Bitcoin right now.
I’m confident that when hosting the Bitcoin Thailand Conference 2024 (#BTC2024) next year, Nostr will surely be a major highlight.
If you are a developer, expert, or enthusiast on Nostr, let me know if you’d like to be in Bangkok next year.