Bitcoin has been part of my life for years. Recently, in a private chat with prominent Bitcoiners—politicians, influencers, and even documentary creators—I found myself reflecting on where we stand with this technology. Is Bitcoin fulfilling its promise? Is it “finished”? Spoiler: It’s not, and maybe that’s the point.
Magic Internet Money: My Journey with Bitcoin
When I first stumbled upon Bitcoin, it was the magic internet money pitch that drew me in. The promise of sovereignty—financial independence and storing wealth without banks—was irresistible. It wasn’t just about technology; it was about a new way of thinking about money.
Today, Bitcoin still works for me in specific ways. I’ve paid invoices to Ukrainians with it, topped up funds via Bitonic in euros, and sent quick, borderless payments when traditional systems would fail. It’s not perfect—buying tacos in Mexico or paying bills in the Netherlands? Not practical yet. But Bitcoin’s utility isn’t about doing everything—it’s about offering choices.
For me, that’s always been the core promise: Bitcoin expands the range of financial possibilities.
From Digital Cash to Digital Gold
One topic that came up in the chat was Bitcoin’s evolution. “Until 2017, we all agreed Bitcoin was digital cash,” someone said. “We wanted to pay each other and scale it through big blocks or second layers.” But over time, Bitcoin’s narrative shifted. Now, it’s largely considered digital gold—a store of value rather than a payment system.
That shift has been polarizing. While it’s true Bitcoin excels as a store of value, its potential as a payment network hasn’t disappeared. Sending €100,000 to Japan is faster than banks or PayPal. But paying €4 for a coffee? Technically possible, but rarely practical.
The Lightning Network, one of Bitcoin’s scaling solution, holds promise. It’s designed to enable faster, cheaper transactions, but adoption has been slower than expected. The reasons are complex—technical hurdles, user experience, and infrastructure gaps—but that doesn’t mean the idea is dead. It just means there’s work to do. And also that solution will not bring everyone to Bitcoin.
Bitcoin is still evolving. The current focus on “digital gold” isn’t the end; it’s a checkpoint. And if you don’t agree with that: change the narrative.
Addressing Skeptics: Is Bitcoin “Done”?
In the chat, we discussed whether Bitcoin has reached its full potential. Some argued it hasn’t progressed as a payment network since 2017, citing scalability and adoption issues. Others pointed out that Bitcoin doesn’t need to do everything to be valuable.
One common critique is Bitcoin’s volatility. But does volatility disqualify it as money? Even the dollar fluctuates in value. In some systems—like prisons, where cigarettes are currency—or in emergencies, Bitcoin works precisely because it’s flexible and borderless.
Another critique is energy usage. Bitcoin’s proof-of-work model consumes energy, but it also provides unparalleled security and decentralization. That’s the trade-off. Addressing this requires nuance—recognizing Bitcoin’s limitations while appreciating its strengths.
The Social Consensus of 21 Million
I dropped this in the chat: “Even the 21 million Bitcoin cap isn’t a mathematical certainty. It’s a social and economic concept.” That sparked debate, but it’s an important point. Bitcoin thrives on consensus. The 21 million cap works because we agree it does. It’s not physics—it’s a shared belief.
This reflects a broader truth: Bitcoin isn’t perfect. It’s a protocol built by humans, shaped by social dynamics. Debates over block sizes or adoption are part of its evolution. There’s no finish line where Bitcoin is “done.” It’s a living system, adapting as we go.
A Broader Vision: Bitcoin’s Impact on Money and Power
Bitcoin isn’t just about technology—it’s about rethinking money and power. Traditional financial systems concentrate control in the hands of a few. Bitcoin offers a decentralized alternative. It doesn’t promise to replace the dollar or fiat systems outright, but it challenges the status quo by giving individuals more choice.
This is where Bitcoin shines. It’s not about being everything for everyone. It’s about being something for someone. Whether you’re using it to send international payments, hedge against inflation, or explore financial sovereignty, Bitcoin offers new possibilities.
Takeaways for the Future
- Bitcoin Is Still Evolving: It’s not “finished,” and it may never be. That’s its strength.
- Lightning Network Needs Work: While it hasn’t scaled as hoped, its potential is too big to ignore.
- Flexibility Is Key: Bitcoin won’t replace every system, but it doesn’t need to. It thrives in the gaps where traditional systems fail.
- Consensus Matters: From the 21 million cap to adoption debates, Bitcoin’s value is rooted in collective belief.
Closing Thought
As I wrote in the chat: Bitcoin works for me in specific ways, but not for everything. It’s not a one-size-fits-all solution. Instead, it’s a tool that expands what’s possible. There’s no final moment where Bitcoin is “done,” no universal adoption that marks its success. Bitcoin’s promise lies in its ability to challenge, adapt, and offer new choices.
And that, to me, is enough.