What If Bitcoin Demonetized The State – Bitcoin Magazine

This is an opinion editorial by Ulric Pattillo, contributor at Bitcoin Magazine and co-author of the Declaration of Monetary Independence.

Author Disclaimer: The following work is a combination of real world commentary and fan fiction, similar to your favorite sci-fi world. I do not intend to infringe or misappropriate any real world ideas or work. Any similarity to concepts or work in the fan fiction portion is purely coincidental. This is Part 2 of a series I call “Bitcoin: What-If?”. Marvel can’t own that, right?

What If … The State

The State as an institution has failed the individual. This is not to place the blame on one party nor “the current administration.” This issue is not rectified by “voting for the right people” or “educating our leaders.” Additionally, the services and agencies employed by elected and unelected officials cannot persist in a future with Bitcoin.

Analogous to the arguments in finance, hyperbitcoinization is not simply adding Bitcoin to the current fiat networks; rather it must be a completely alternate system with the sound money being the dominant unit of account in the world. Bitcoin as a completely trustless and voluntary monetary network conflicts in principle with a system that intermediates and coerces against the incentives of the individual participants in the world at large.