The Economics of Bitcoin Scaling with Lyn Alden

“How good are governments at maintaining their own little fiat bubble against the constant push of Bitcoin?…Whether you look at it as a very very large monetary asset globally or virtually the only one…that’s all still quite a bit out, but I have pretty high ambitions for what bitcoin can do.”— Lyn AldenLyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the challenges of promoting Bitcoin and its growing acceptance in mainstream media and finance. We delve into Bitcoin scaling, the trade-offs between self-sovereignty and convenience, and the need for education to onboard new users. The episode also covers Bitcoin's role in countries with economic challenges, the empowerment it offers individuals and its transformative potential in society.- - - - Promoting Bitcoin is no walk in the park. We, as advocates, face resistance from various entities. The scepticism isn't surprising, given the disruptive nature of Bitcoin, but it underscores the need for persistent education to change perceptions and address the biases that often cloud the true potential of this technology. In this latest podcast with Lyn Alden, we dissect the multifaceted nature of Bitcoin, its challenges, and its profound impact on the global stage. We discuss the marked shift in how Bitcoin is being portrayed in the media, which could signal a move towards hyperbitcoinization – the point where Bitcoin becomes the predominant form of money globally. We also touched on the impact of ETFs on Bitcoin, which could potentially bring more mainstream acceptance and investment into the cryptocurrency space.I questioned Lyn regarding one of the most contentious topics surrounding Bitcoin i.e. its environmental impact. The energy consumption narrative has been a sticking point for critics, yet Bitcoin mining can incentivize renewable energy development and provide a use case for excess energy that would otherwise go to waste. Moreover, the positive effects of Bitcoin projects in Africa, where access to energy can be a challenge, demonstrate the nuanced relationship between Bitcoin and the environment.A significant part of our discussion revolved around the scaling of Bitcoin and the concept of self-sovereignty. As Bitcoin grows, the base chain becomes more expensive to use, raising questions about the trade-offs between self-sovereignty and convenience. We talk about the role of the Lightning Network and the importance of education in onboarding new users. We also cover the concept of "mints", which could revolutionize the way Bitcoin is managed and distributed.- - - - This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceBitcoin Atlantis - A Bitcoin conference in the AtlanticSwan Bitcoin - Invest in Bitcoin with Swan-----WBD761 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.