Understanding Bitcoin

The founding of the United States of America stands as a watershed moment in history, marking the birth of a nation dedicated to the principles of democracy, freedom, and innovation. This historic event reshaped global politics and economics, establishing a new world power that would influence every corner of the globe. Similarly, the emergence of Bitcoin has carved out a significant place in financial history, signaling a paradigm shift in how we perceive and engage with money.

Introduced in October 2008 by the mysterious figure or group Satoshi Nakamoto, Bitcoin has soared from an obscure digital currency to a financial powerhouse with a market capitalization of $1.4 trillion. Its unique attributes—scarcity, decentralization, and its role as a store of value—suggest that it could eventually achieve a market capitalization of $10 trillion, reshaping the financial landscape just as profoundly as the founding of the United States reshaped the political one.

This piece delves into the essence, mechanics, and implications of Bitcoin, employing metaphors and insights to enrich your understanding of this groundbreaking digital currency. Through this exploration, we aim to provide a comprehensive overview of Bitcoin's innovative nature and its potential to influence the future of global finance.

I. THE ENIGMATIC GENESIS OF BITCOIN            

To fully understand the extent and implications of Bitcoin, we must begin with the origin story that brought it into existence.

In our digital age, few mysteries captivate us like the identity of Satoshi Nakamoto, the enigmatic architect behind Bitcoin.^[1] This individual—or possibly group—laid the foundation for modern cryptocurrency. The collaborative effort behind such a groundbreaking innovation cannot be understated, as history has shown that partnership often catalyzes monumental achievements.^[2]

Bitcoin's introduction in 2008 could not have been more poignant amidst the start of a dire economic climate that sent chills throughout the world. The global stage was set by the arrival of the Global Financial Crisis (GFC), a tumultuous period marked by economic downturns and colossal financial losses, tallying into the trillions worldwide. ^[3]In an era marked by financial instability, rampant inflation, and widespread foreclosures, the publication of the Bitcoin white paper emerged as a symbol of hope, innovation, and resilience. Michael Saylor, the CEO of MicroStrategy and a prominent advocate for Bitcoin, has famously referred to Bitcoin's emergence as "The Immaculate Conception." This term encapsulates the pristine and revolutionary nature of Bitcoin's introduction to the world, underlining its monumental significance in reshaping the financial landscape.

The comparison of Bitcoin's founding document to the United States Constitution, signed on September 17, 1787, provides an intriguing lens through which to view the concepts of innovation and governance. Despite being separated by 232 years, both documents represent landmark achievements in their respective scope:

●       The establishment of a nation casting off its colonial oppressors to achieve a modern democratic republic,

●       The creation of a decentralized financial system that revolutionized how modern finance could be conducted in the aftermath of the Global Financial Crisis.

This comparison underscores the intertwined nature of power and money with humanity’s ability to summon ingenuity to mitigate looming crises.

The Constitution exemplifies the power of collective will in shaping democratic governance, while Bitcoin's white paper in 2008 heralds the rise of decentralized finance as a revolutionary alternative to traditional, crisis-weakened monetary systems.

Together, these landmarks underscore the capacity of innovative thinking to forge new paths and transform the future. The emergence of Bitcoin, paralleled with the historical significance of the U.S. Constitution, underscores the vital role of visionary ideas in propelling societal progress and adaptation.

II. DECENTRALIZATION: THE BEDROCK OF BITCOIN

Decentralization forms the foundation of Bitcoin and the entire cryptocurrency ecosystem, championing the dispersion of authority from centralized powers towards a broad, democratized control among its participants. This paradigm shift moves us away from traditional financial systems, where central banks or government entities exercise significant control over the economy, affecting currency valuation, supply, and regulatory policies.

Despite their structured and regulated nature, traditional financial systems frequently encounter issues such as vulnerability to corruption, operational inefficiencies, and the potential for abuse of power. For instance, American International Group (AIG), a giant in the financial sector, found itself at the heart of the 2008 financial crisis, necessitating a massive government bailout due to its central role in the economy and the systemic risk its failure posed. Similarly, Blackrock, one of the world's leading investment firms, exerts significant influence across global markets, owning substantial stakes in numerous companies and financial instruments. This concentration of power can lead to concerns about market manipulation and undue influence on economic policies.

Citibank's bailout during the financial crisis exemplifies how centralized financial institutions, when deemed "too big to fail," can rely on government intervention to avoid collapse. This further entrenches the power dynamics between large financial entities and government regulators. These examples underscore the risks and inefficiencies inherent in centralized financial systems.

In contrast, decentralization aims to mitigate these issues by spreading control and decision-making across a network of users. By doing so, it seeks to enhance the system's integrity, making it less prone to manipulation or corruption by any single entity. It fosters a system built on security, transparency, and trust, with decisions made through consensus among its users rather than imposed from the top down. This approach promises a more stable financial ecosystem and champions democracy and equality within the economic domain, counterbalancing the concentrated power observed in traditional financial institutions like AIG, Blackrock, and Citibank.

To fully grasp the ethos of decentralized currency, envision Bitcoin as a digital commons or "virtual town square." In this shared digital space, individuals freely exchange value, akin to the bustling, open exchanges of a traditional town square where goods, ideas, and services flow freely, unbounded by the dictates of a central overseer.

In this digital commons, governance is not the duty of a select few but a collective endeavor upheld by the consensus of its participants. While certainly not perfect, each iteration of innovation and collaboration offers a chance for improvement. Accessibility is a cornerstone, with the digital square open to anyone possessing an internet connection, facilitating peer-to-peer transactions devoid of intermediaries like banks. The foundational rules of engagement are embedded within the Bitcoin protocol, crafted, consented to, and upheld by the community, ensuring the digital square remains an equitable, secure space for all.

The vibrancy and resilience of this digital commons are directly proportional to its active participation. As more users and miners join the network, the system's robustness and security are fortified, embodying a decentralized architecture where power is not centralized but distributed across its constituents. In other words, it all comes down to the collective.

Bitcoin exemplifies a paradigm shift from the age-old centralized financial governance models to a new era of democratized, transparent, and secure monetary systems. This vision of a decentralized currency symbolized through the digital town square metaphor captures a movement towards a more communal, inclusive financial future. It's a reimagining of monetary exchange that champions direct interaction, collective governance, and open participation, heralding a new chapter in the evolution of currency.

III. BLOCKCHAIN TECHNOLOGY: THE BACKBONE OF BITCOIN

At the heart of Bitcoin lies blockchain technology, a groundbreaking innovation that has paved the way for a new era of digital transactions. Blockchain serves as the bedrock upon which Bitcoin and other cryptocurrencies stand, revolutionizing how we conceptualize financial trust and security in the digital age.

Imagine a ledger—not bound in leather and hidden away in a bank vault, but a digital ledger. Imagine the most beautiful, luminescent diamond you can imagine. Anyone can travel to Washington, D.C., to see the Hope Diamond, displayed in an impenetrable glass case.^[4] In the same way, anyone can see all the transactions that have ever occurred on the Bitcoin blockchain.

Every transaction made with Bitcoin is recorded inside this glass box, not just for today or tomorrow, but forever. This is the essence of blockchain technology. It's a continuous, unalterable chain of information blocks containing transaction data, including the sender, receiver, and amount of bitcoin transferred.

The brilliance of Blockchain doesn't stop at its transparency. It is decentralized, meaning it isn't stored in one location or controlled by a single entity like Microsoft, which controls its cloud network. Instead, copies of the entire Blockchain are held across a global network of computers called nodes. This makes it nearly impossible to hack or manipulate.

Each block in the chain is linked to the one before and after, using complex cryptographic principles. This linkage ensures that once a transaction is recorded, it cannot be altered or deleted, imbuing the digital ledger with a level of security and trustworthiness unprecedented in the digital realm.

This metaphor of a digital ledger in an unbreakable glass box illustrates the transparency, security, immutability, and permanence of blockchain. As transactions are added, the Blockchain grows longer, preserving the history of Bitcoin's digital transactions like indelible ink.

The decentralized nature of blockchain technology is what truly sets it apart from traditional banking systems. In a conventional banking system, a central authority, for instance, Bank of America or The Federal Reserve Bank of Dallas, controls the ledger that records all the transactions in its respective financial jurisdiction. This centralization presents a single point of failure, making it susceptible to cyber-attacks, fraud, and mismanagement. On the other hand, Blockchain distributes its ledger across thousands, if not millions, of computers worldwide. This distribution means no single entity controls the entire Blockchain, significantly reducing the risk of centralized corruption or failure. No single entity, individual, or institution controls Bitcoin.

Moreover, the security of blockchain technology is enhanced by a process called “cryptographic hashing.” This is a complex topic, so let’s explore each element of cryptographic hashing:

●       Essentially, each block in the blockchain stores transaction details along with a unique identifier known as a hash.

●       This hash is derived from the block's content, which includes the previous block's hash, effectively linking the blocks together in a sequence.

●       Should there be any alteration in a transaction within a block, the hash of that block would change.

●       Given that each subsequent block relies on the hash of its previous block, any change would invalidate the entire sequence of blocks.

Overall, this design secures the Blockchain against unauthorized alterations, maintaining the data's integrity and trustworthiness.

This decentralized approach also democratizes financial transactions. Without intermediaries, individuals can transact directly with one another, fostering an environment of trust. Trust in Blockchain doesn't come from a central entity's reputation or authority but from the technology's robustness and transparency. Every participant in the network has access to the entire Blockchain, can verify transactions independently, and is assured that their data is secure and immutable.

By visualizing blockchain technology as a digital ledger in an unbreakable glass box, we can grasp its profound potential for transformation. It already enhances security, fosters trust and delivers democracy in digital transactions. This technology empowers users, reduces the potential for fraud, and lays the groundwork for a more secure and transparent digital economy.

IV. BITCOIN MINING: THE DIGITAL GOLD RUSH

As a critical component of the cryptocurrency's ecosystem, bitcoin mining is the process of introducing new Bitcoins into circulation. That also serves to verify and secure transactions on the Blockchain. Miners are like the gold prospectors of this digital frontier, using their tools to unearth new coins and fortify the network.

As we delve into Bitcoin mining, envision the Blockchain as a digital ledger in an unbreakable glass box and vast, unexplored land rich with hidden treasures. Much like the early days of a gold rush, this land beckons prospectors armed with modern tools—not with hand tools like shovels and pans, but hammers, drills, and pickaxes of the digital age. These tools symbolize the sophisticated software and hardware used in Bitcoin mining, each playing a crucial role in excavating digital gold.

Think of the hammer as the primary tool in a miner's kit, symbolizing the fundamental process of hashing. Miners use hashing to hammer away at complex mathematical problems. Each swing of the hammer, or each hash attempt, brings miners closer to verifying transactions and forming new blocks. It's a relentless, repetitive process requiring immense computational power and energy.

The drill represents the mining rigs and the software penetrating deeper into the Blockchain. These drills bore into the complexity of cryptographic puzzles, seeking solutions that validate blocks. The precision and power of the drill are crucial, as finding the correct solution first among miners is what earns the right to add a new block to the Blockchain and receive the Bitcoin block reward.[5]

The pickaxe, a traditional tool in mining, symbolizes the miner's ability to pick apart and solve cryptographic puzzles precisely. It's a tool for fine-tuning the mining process and optimizing the search for the nonce—a random number miners must discover to create a valid block. This fine-tuning is essential for efficiency and competitiveness in the mining race.[1]

In this digital gold rush, the competition is fierce. Miners across the globe race against each other, wielding their digital hammers, drills, and pickaxes to uncover new blocks and secure the bounty of Bitcoins awaiting them. This process not only introduces new Bitcoins into circulation but also reinforces the security and integrity of the Blockchain. Each new block mined is like a new layer of fortification for our digital ledger, ensuring its strength and immutability against attacks.

Through this exploration of Bitcoin mining, we better understand the effort, energy, technology, and competitive spirit required to create new Bitcoins to maintain the Blockchain. It's a modern-day gold rush, where the tools of the trade have evolved from physical to digital, but the excitement, challenge, and rewards remain just as compelling.

In the digital landscape of Bitcoin mining, the allure of discovering new coins and earning transaction fees motivates miners to dedicate their resources to the network. However, this modern-day gold rush is not without its challenges, which impact both the miners and the broader ecosystem.

A significant hurdle for miners is the Halvening, which occurs roughly every four years. This pivotal moment slashes the reward for mining a new block by half, diminishing the earnings miners receive for their work. It is a critical regulatory mechanism to limit the total supply of Bitcoins, capping it at 21 million to prevent inflation. Consequently, mining evolves into a more competitive and less lucrative endeavor, compelling miners to enhance their operational efficiency to maintain a competitive edge continuously.

The Bitcoin network automatically adjusts the difficulty of mining puzzles to ensure that a new block is added approximately every ten minutes, regardless of the total computational power of the network. As more miners join the fray with more powerful equipment, the difficulty of mining increases, requiring even more computational power and energy consumption. This self-regulating mechanism ensures the network's security but also raises the barriers to entry for new miners.

With this resource-intensive competition in mind, the vast amount of energy consumed by Bitcoin mining has sparked widespread concern over its environmental impact. The digital drills and pickaxes require electricity to run, much of which is generated from fossil fuels, contributing to carbon emissions and climate change. The debate surrounding Bitcoin's environmental toll has accelerated the pursuit of environmentally friendly mining solutions. This pursuit has led to integrating renewable energy sources, like solar and wind, and designing mining hardware that consumes less energy. A notable initiative in this realm is the collaboration between major Bitcoin mining companies and renewable energy firms to establish mining operations powered entirely by green energy. This move signifies a substantial shift towards minimizing the ecological impact of Bitcoin mining, aiming to reconcile the growing demand for cryptocurrencies with the urgent need for sustainability in digital asset production.

Despite these challenges, the rewards of mining—both in terms of the Bitcoins earned and the transaction fees collected—continue to draw participants. Miners play a crucial role in securing the network and processing transactions, a task for which they are rewarded with new currency. This incentive structure supports the Bitcoin network's functioning and drives innovation in mining technology and strategies.

As we conclude this exploration of Bitcoin's mechanics, it's clear that blockchain technology and mining are integral to the cryptocurrency's success. They ensure the decentralized network's security, integrity, and continued operation. Despite the challenges, the digital gold rush of Bitcoin mining continues to attract individuals and companies alike, each contributing to the evolution and strengthening of the Blockchain.

Through the metaphors of the unbreakable glass box and the digital gold rush, we've journeyed into the heart of Bitcoin, uncovering the robust technology and competitive spirit that drive this revolutionary digital currency. As Bitcoin and blockchain technology evolve, they promise to redefine our understanding of money, security, and trust in the digital age.

V. BITCOIN AS A DIGITAL STORE OF VALUE

Bitcoin has carved out a unique position in financial assets as a digital store of value.^[6] Like gold, which has been treasured by civilizations throughout history for its rarity, durability, and malleability, Bitcoin possesses characteristics that make it an attractive option for preserving wealth over time.^[7] However, unlike gold, Bitcoin's value proposition is enhanced by its digital nature, offering unparalleled accessibility, divisibility, and security.

Bitcoin is engineered with a maximum supply of 21 million coins, a deliberate design choice coded into its architecture. This scarcity principle is akin to the finite reserves of gold found on Earth, positioning Bitcoin as a form of "digital gold" for numerous investors. Unlike tangible gold, Bitcoin's advantage lies in its ease of transfer across the globe within minutes, regardless of the transaction size, highlighting its portability and efficiency.

Each Bitcoin is divisible into 100 million smaller units known as satoshis, enabling a wide range of transaction sizes. This divisibility allows Bitcoin to facilitate large-scale investments and smaller day-to-day purchases, showcasing its versatility as a currency.

Operating on a decentralized network, Bitcoin offers a level of security and autonomy unattainable with traditional fiat currencies (derived from the Latin "decree"). Although used as money for centuries, physical gold is difficult to transport in large quantities and often depends on third-party storage and management. For these reasons, fiat currencies and gold are inferior forms of money compared to bitcoin.

Referencing Saifedean Ammous's influential work "The Bitcoin Standard: The Decentralized Alternative to Central Banking"” Bitcoin is framed as an innovative investment vehicle and a groundbreaking asset class that redefines our understanding of how value can be stored and preserved. Ammous argues that Bitcoin's deflationary nature safeguards against the inflationary tendencies of fiat currencies, mirroring the historical role of gold as a reliable hedge against financial volatility and uncertainty.

Beyond emulating gold's protective functions, Bitcoin surpasses it by catering to the demands of the digital age. It enables swift, borderless transactions and the seamless transfer of ownership, embodying the "sound money" principles that Ammous extols. Bitcoin thus emerges as a comprehensive financial instrument for the digital era, encapsulating the functions of a store of value, a medium of exchange, and a unit of account. Through its unique attributes, Bitcoin presents a compelling alternative to traditional monetary systems, challenging and potentially transforming the global economic landscape.

VI. ADOPTION CURVE AND MARKET VOLATILITY

As we delve deeper into Bitcoin's value proposition, it's clear that its comparison to gold is not merely symbolic but foundational to understanding its potential as a digital store of value. Bitcoin's unique properties, coupled with the principles laid out in The Bitcoin Standard, present a compelling case for its long-term value and sustainability in the evolving landscape of global finance.

The journey of Bitcoin from a niche technology to a widely recognized financial asset exemplifies the adage "gradually, then suddenly."^[8] Its adoption curve mirrors the diffusion of innovations theory, which suggests that technological adoption follows a pattern starting with early adopters and moving toward mass acceptance. This path, while promising, has been marked by significant volatility, a characteristic that has both attracted and deterred investors.

Initially, Bitcoin was embraced by a small group of technologists and libertarians, drawn by its decentralized nature and potential as an alternative to traditional financial systems. This phase was characterized by low but growing awareness and usage.

As Bitcoin's practical applications and investment potential became more widely recognized, it entered a phase of increased visibility. High-profile endorsements, media coverage, and the emergence of blockchain technology contributed to a surge in interest.

Drawing from Parker Lewis's analysis in "Gradually, Then Suddenly," the trajectory of Bitcoin's acceptance encapsulates its current phase of adoption amidst economic turmoil in countries like Venezuela and Argentina. Despite its notorious price swings, Bitcoin is increasingly perceived as a hedge against the rampant inflation plaguing these nations, leading to its gradual endorsement by individuals and institutions.

The factors influencing Bitcoin's market fluctuations are manifold, including:

●       regulatory developments,

●       technological progress,

●       and changing investor attitudes.

While often viewed skeptically, these fluctuations underscore Bitcoin's vibrant and evolving nature as it navigates periods of swift adoption and refinement.

According to Lewis, the volatility inherent in Bitcoin's market is an integral aspect of its journey towards widespread acceptance. Each cycle of price changes not only garners significant attention but also facilitates deeper comprehension and recognition of Bitcoin's value as a credible investment and a stable store of value amidst economic instability.

This blend of incremental adoption and abrupt market shifts highlights the intricate yet intriguing path of Bitcoin's integration into the mainstream. Investors are encouraged to look past immediate market movements, focusing instead on Bitcoin's long-term value as a pioneering digital currency. The principles in "Gradually, Then Suddenly" provide a persuasive narrative on the certainty of Bitcoin's prominence, underscoring the need for patience and insight in the face of the cryptocurrency market's volatility.

As Bitcoin carves its path forward, its adoption trajectory amidst the economic crises in Venezuela and Argentina, coupled with its inherent market dynamics, presents an unparalleled study in the spread of digital innovation. Parker Lewis's insights shed light on Bitcoin's past journey and project a future where Bitcoin emerges as a critical element in reshaping the global financial landscape, pointing towards a time when the world may abruptly and universally recognize Bitcoin's fundamental value.

VII. IMPACT ON TRADITIONAL FINANCIAL SYSTEMS AND GLOBAL ECONOMY

Bitcoin's growing integration into the financial landscape has ignited debates over its implications for established financial systems and the broader global economy. Transitioning from a speculative novelty to a legitimate store of value, Bitcoin's inclusion in financial services and its adoption as a medium of exchange are set to revolutionize economic paradigms.

A critical aspect of Bitcoin's influence lies in its ability to bypass conventional financial intermediaries. Facilitating direct peer-to-peer transactions eliminates the need for banks and clearinghouses, potentially lowering transaction fees and streamlining financial processes.

Moreover, Bitcoin is poised to enhance financial inclusion globally by offering unbanked and underbanked populations easier access to financial services. Its decentralized framework and minimal barriers to entry could enable millions to access capital and financial tools more readily.

Bitcoin's ascent directly challenges traditional banking institutions, compelling them to innovate amidst competition from an asset class beyond their purview. This competition promises to refine financial products and services, benefiting consumers and the broader economy.

With its finite supply and independence from central bank policies, Bitcoin introduces a novel dynamic into monetary policy considerations. Its impact could be particularly profound in regions experiencing currency volatility or heavy capital controls, potentially influencing inflation, currency values, and overall economic stability.

Furthermore, Bitcoin facilitates more efficient and cost-effective cross-border payments, disrupting traditional models of international transfers. This could significantly affect remittances, trade, and the integration of the global economy.

For both investors and nations, Bitcoin offers diversification opportunities. As an asset uncorrelated with traditional markets, it presents a viable alternative to stocks, bonds, and fiat currencies, potentially mitigating risk in diverse investment portfolios.

However, the path to Bitcoin's widespread adoption is fraught with challenges, including regulatory uncertainties, scalability concerns, and the potential for misuse. Addressing these issues is crucial for Bitcoin's sustainable integration into the global financial system.

Reflecting on societal impacts, Bitcoin's emergence brings both opportunities and challenges. It promises to democratize financial access, enhance privacy, and spur innovation but also necessitates thoughtful regulatory, security, and equity considerations.

As we navigate this financial revolution's crossroads, the future of Bitcoin and its societal impact remain fluid narratives. The dialogue among regulators, technologists, and the global community will determine Bitcoin's evolution, aiming to harness its potential in a manner that benefits all sectors of society.

VIII. CONCLUSION: BITCOIN'S REVOLUTIONARY IMPACT AND FUTURE PROSPECTS

"Understanding Bitcoin: A Fundamental Guide" illuminates Bitcoin's ascent from a novel digital currency to a formidable force in the financial world, poised to redefine our engagement with money. Conceived by the elusive Satoshi Nakamoto amidst the 2008 financial crisis, Bitcoin has shown remarkable potential to act as a bulwark against economic instability, notably in inflation-stricken regions like Venezuela and Argentina, highlighting its growing acceptance and utility.

Bitcoin's finite supply contrasts strongly with fiat currencies' inflationary tendencies. This guide explores its decentralized nature and capacity to democratize access to finance, challenging traditional financial systems and advocating for a future of greater financial transparency and autonomy.

Drawing parallels with transformative historical events, such as the founding of the United States, the narrative underscores Bitcoin's revolutionary impact on the global financial landscape. It encourages readers to consider Bitcoin's role in fostering a new financial inclusion and innovation era.

Concisely, "Understanding Bitcoin: A Fundamental Guide" offers a compelling overview of Bitcoin's journey and its implications for the future of finance. As Bitcoin continues to evolve, it represents a technological breakthrough and a reimagining of monetary systems, promising a more inclusive and equitable financial future. Are you ready for what comes next?

[1] Revell, Timothy. "Satoshi Nakamoto." New Scientist, New Scientist Ltd., Accessed 22 February 2024, https://www.newscientist.com/people/satoshi-nakamoto/

[2] Oppenheimer. Directed by Christopher Nolan, performances by Cillian Murphy, Emily Blunt, and Matt Damon, Universal Pictures, 2023; Newport, Cal. Deep Work: Rules for Focused Success in a Distracted World. Grand Central Publishing, 2016, p. 126.

[3] Incidentally, Satoshi included this headline from the London Times in the genesis block of Bitcoin, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." “Exploring the Genesis Block: Satoshi’s First Step,” Faster Capital, accessed February 20, 2024, https://fastercapital.com/content/Exploring-the-Genesis-Block--Satoshi-s-First-Step.html; Guillén, Mauro F. "The Global Economic & Financial Crisis: A Timeline." The Lauder Institute, Wharton School, University of Pennsylvania, 2011, Accessed 22 February 2024,  https://lauder.wharton.upenn.edu/wp-content/uploads/2015/06/Chronology_Economic_Financial_Crisis.pdf.

[4] Py-Lieberman, Beth. "How a Smithsonian Curator Discovered the Hope Diamond’s Many Secrets." Smithsonian Magazine, Smithsonian Institution, 26 September 2023, www.smithsonianmag.com/smithsonian-institution/how-a-smithsonian-curator-discovered-the-hope-diamonds-many-secrets-180982962/.

[5] The Bitcoin block reward is currently 6.25 BTC. After the halving in April 2024, it will be 3.125 BTC. The block reward is programmatically reduced by 50% approximately every four years.

[6] “Store of Value: A Comprehensive Guide.” Bitcoin Magazine, 24 April 2023, https://bitcoinmagazine.com/guides/store-of-value.

[7] Ammous, Saifedean. The Bitcoin Standard. Wiley, 2018.

[8] Lewis, Parker, “Gradually, Then Suddenly,” accessed February 14, 2024, www.graduallythensuddenly.xyz/.