Category Archives: Bitcoin

Golden Bitcoin coins.

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Cryptocurrency prices dropped Thursday to new October lows after key U.S. inflation data came in hotter than expected.

The price of bitcoin was last lower by less than 1% at $18,994.22 and ether slid 2.8% to $1,260.90, according to Coin Metrics. Earlier in the day they fell as low as $18,492.33 and $1,220.80, respectively.

Bitcoin dropped below $19,000 early on Thursday as investors anxiously awaited the latest read on the consumer price index. It fell more sharply after the report came in, showing a slightly larger-than-expected increase in inflation, despite the aggressive rate hikes the Federal Reserve has brought into play to combat rising prices.

Cryptocurrencies have been trading mostly sideways since the end of August, with bitcoin hovering within $19,000. That's been a key level to watch for analysts, who say a break below it could lead to new lows below those hit in June, when bitcoin fell below $17,800 and ether fell under $900.

"Crypto markets are still overwhelmingly driven by macro. Bitcoin continues to trade within a tight range since June," said Michael Rinko, venture associate at AscendEx. "However, today's CPI print may threaten to break this range to the downside."

Steve McClurg, chief investment officer at Valkyrie investments, said the market reaction is to be expected with high inflation suggesting to investors that the Fed will continue with its planned rate hikes.

"Given what we know about Powell's stated goal right now, and the fact that we are in what appears to be a deep recession, it makes sense that we'd be down today," he said. "We firmly believe that markets still have not yet reached a bottom, and that there's still likely another 10% to 15%leg down for digital assets, and even more for equities," he added.

Elsewhere in the market, bond yields moved higher following the inflation report, which put initially put pressure on crypto equities. Rising rates make future profits, like those promised by growth companies, less attractive.

Coinbase was hit hardest, by about 11%. Block and Microstrategy followed, down 6% and 5%, respectively. Silvergate Bank lost 4% and bitcoin mining stocks were lower across the board by at least 4%.

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Bitcoin falls below $19,000 after latest U.S. inflation report - CNBC

Bitcoin is having a sluggish Uptober as compared to how it rallied during the same month last year.

According to online crypto data provider Statmuse, the largest cryptocurrency by market capitalization ended October 2021 with an average price of $58,051, peaking at $66,890 on the 21st day of the month.

But bitcoin is in a different space right now as for the first 12 days of the month, it is averaging $19,516, tallying its month-high on October 6 when it hit $20,408.

At press time, according to tracking to Coingecko, the digital currency is trading at $19,108, down 5.2% for the past week.

As the asset remains in a narrow price fluctuation range, investors, analysts and experts are all waiting if a bitcoin rebound is about to happen.

While the cryptocurrency is struggling to sustain the $20,000 marker, on chain data indicate bitcoin is on its way to a strong and short rebound soon.

One indicator to watch out for is the cryptos trading volume. Despite being affected by what is being referred to now as crypto winter and bearish market, BTC showed spikes in its daily and weekly averages.

As of this writing, bitcoins trading volume is at $22.1 billion. According to CryptoQuant, an uptick in this indicator might hint a bull market.

It is not uncommon for an assets trading volume to rise even during bearish momentums and BTC is showing the crypto space once again that not everything about it declines when the market is painted in red.

After the month of March this year, the maiden crypto has made at least four rebounds from significant price drops.

CryptoQuant believes that if it can sustain increases in its trading volumes and averages, bitcoin will be in a good position to make another rally, although it will still fail to compare with what it did in October 2021.

As for the bull market for the asset, Midas Touch Consulting Managing Director Florian Grummes shared an alarming information that may dampen the hopes of investors that are looking for more favorable market position.

The official believes a bullish market for bitcoin is not yet due for at least a year, as the cycle is yet to end.

Earlier this year, Grummes said Bitcoin could be put in a position to test the $6k price marker in a worst-case scenario given that the crypto market is facing liquidity crisis.

He predicts halving for BTC to come in May of 2024 and will be immediately followed by a bullish market.

Excerpt from:
Bitcoin Rebound Is About To Happen, This On-Chain Data Show - Bitcoinist

Justin Bennett, a crypto analyst observed the trend in the crypto market capitalization excluding Bitcoin and predicted a massive breakout. The analyst argues that it remains undecided whether Bitcoin will hit the $10,000 or the $29,000 level.

Also read: Solana exploit alert: Exploiter behind $100 million Mango Markets hack issues warning

Justin Bennett, an internationally recognized Forex trader and crypto analyst evaluated the total crypto market capitalization chart excluding Bitcoin and predicted a massive breakout. Bennett believes that the quiet period for cryptocurrencies is about to end and the longer a market coils, the more explosive the breakout.

Bennetts prediction is based on altcoin market capitalization that hovers around $518.92 billion at the time of writing. The analyst has asked traders to prepare for the breakout. It remains unclear whether the breakout will be in the upward or downward direction, however Bitcoin has shown its resilience sustaining above the $19,000 level despite the decline in the S&P 500.

Despite Bitcoins correlation with the US stock market, the cryptocurrency has remained steady in the face of declining stock prices and rising inflation. In the latest update from the US Federal Open Market Committee (FOMC), the monetary policy maker assured that higher interest rates are here to stay. This implies traders would remain cautious in their approach towards risk assets like Bitcoin and cryptocurrencies.

DonAlt, a pseudonymous crypto analyst known for his accurate predictions has marked key price levels for Bitcoin, in a new video. While the analyst is unsure of a Bitcoin price rally to the $33,000 level, DonAlt believes BTC could either hit the area between $12,000 to $14,000, a common price target for Bitcoin bears or the $29,000 level.

The $29,000 level is considered a key point in Bitcoin price trend as the asset will derisk at this point and DonAlt has revealed his strategy to shed his BTC holdings here.

DonAlts Bitcoin price targets

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Bitcoin price: Analyst predicts massive breakout in crypto, BTC to $10,000 or $29,000? - FXStreet

Galaxy Digital CEO Mike Novogratz is updating his outlook on the future of the current bear market and the crypto markets as a whole.

Novogratz says in a Yahoo Finance interview that Bitcoin (BTC) and other crypto assets are likely to rally once the Federal Reserve pauses its monetary tightening measures.

According to the Galaxy Digital CEO, the crypto market selloff was caused by the Federal Reserve hiking interest rates.

Since the Fed has decided to try to smash inflation by raising rates aggressively, the most aggressive rate-raising in our lifetime, Bitcoin sold off with other assets. Its actually done better than most.

I think if you finally get the pause, you will start seeing Bitcoin pick back up. Bitcoin and all cryptocurrencies.

Are we going to get the pause? At one point, yes.

On when the crypto downturn could end, Novogratz says that the prevailing bear market could last up to six more months.

You know the bear case is weve got two to six months left of this pain. The bull case is the market starts breaking. And were seeing a lot of breakage. Not necessarily in crypto but in the rest of the world.

According to the Galaxy Digital CEO, sellers in the crypto market are largely exhausted.

Cryptos interesting in that three months ago, after the big selloff and the deleveraging, most people that needed to sell sold.

And so youve seen price is much more muted. Things take off when theres a good story and they sell right back off when the story goes away.

And so a lot less activity in crypto, a lot less for sellers. But also a lot less new buyers.

I

Generated Image: DALLE-2

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Billionaire Mike Novogratz Forecasts How Long the Bitcoin and Crypto Bear Market Will Last - The Daily Hodl

Employees work on bitcoin mining computers at Bitminer Factory in Florence, Italy.

Alessandro Bianchi | Reuters

Software used in bitcoin mining just got its first upgrade since late 2012, and a coalition of companies including payments giant Block (formerly Square) is trying to help push the open-source protocol forward to become an industry standard.

The move could help open bitcoin mining to more participants by supporting lower-quality internet connections, as well as improving security so miners get properly compensated for their work.

Bitcoin operates on a proof-of-work mining model, meaning that miners around the world run high-powered computers to create new bitcoin and validate transactions. Mining requires professional-grade equipment, some technical know-how, a lot of electricity and a special kind of software.

Rather than directly accessing the bitcoin protocol, the vast majority of miners today work through an intermediary protocol called Stratum, which facilitates communication between the bitcoin network, miners, and the mining pools that combine the hashing power of thousands of miners all over the world.

Miners use Stratum to submit their work and to collect a reward if they successfully complete a new block of transactions.

On Tuesday, a coalition of bitcoin developers is releasing version 2 of Stratum under an open-source license for the mining industry to evaluate and test.

It will take some work to convince the mining industry to adopt the new protocol, so Spiral a subsidiary of Jack Dorsey's payments companyBlock(formerly Square) is teaming up with bitcoin mining company Braiins to launch a group to test and fine-tune the open-source software before they push mass adoption.

Steve Lee, the lead at Spiral, tells CNBC there are several significant benefits to the upgrade, including cutting down on the use of data.

Currently, it is common for each mining rig in a large farm to directly connect to a pool. This setup wastes a lot of energy. Lee says that Stratum V2 supports a proxy that aggregates all the connections and only establishes one connection with the pool.

The process of sending that data is also changing to a more efficient method.

"All told, much less data needs to be transmitted between miners and pools, and this could help miners in remote regions of the world with poor internet," noted Lee.

The upgrade is designed to improve security, as well. Today, it is possible to steal hash rate from a miner, which can lead to some miners losing money. Hash rate is a term for the collective computing power of the bitcoin network. To resolve this, Lee says Stratum V2 introduces a standard security mechanism with authentication and encryption between miners and pools.

The version being released Tuesday is for initial testing, and in early November, a more robust version will come out that supports additional functionality, including job negotiation a "feature that represents a historic shift in the censorship-resistant mechanics of bitcoin mining by replacing a pools responsibility of assigning work to miners with the ability for miners to select their own work," according to a joint statement released by Spiral and Braiins.

There are orders of magnitude more miners than pools, so if miners select transactions it is far more decentralized than just a handful of pools, Lee explained.

"Working for industrywide adoption of the upgraded Stratum protocol is one of the most important developments in improving the decentralization and censorship resistance of bitcoins architecture," Lee said.

As for timing, the pilot and integration testing will happen this fall, and next year, the upgraded protocol will likely see greater adoption once miners and pools are confident it is working well.

"I'd anticipate a gradual increase in hash rate in 2023," Lee told CNBC. "Reaching 10% hash rate by the end of 2023 would be a great success," continued Lee.

Lee added that it will likely take several years to see the latest version of Stratum replace the original.

Miners know the benefits of upgrading to Stratum V2 very well, but pushing the entire mining industry over some of the remaining development and adoption hurdles is a big task," said Jan Capek, co-founder of Braiins.

"Universal standards for running and building Stratum V2 and the efforts of this working group to push the industry forward will provide the momentum bitcoin needs to finally upgrade from a version of its mining protocol that was built a decade ago, continued Capek.

Similar to the Lightning Network, which is a technology built on top of bitcoin's base layer to make payments more efficient, there will be different implementations of Stratum V2. However, the open-source version released Tuesday will make it easier to collectively test out the technology. It will also ensure that the various projects can interact with one another.

Tuesday's announcement is part of Block's larger push into the bitcoin mining industry.

On the sidelines of the Bitcoin 2022 conference in Miami in April, digital assets infrastructure company Blockstream and Block announced that they were breaking ground on a solar- and battery-powered bitcoin mine in Texas that uses solar and storage technology fromTesla.

Tesla's 3.8 megawatt solar PV array and 12 megawatt-hour Megapack will power the facility.

Block is also independently working on a project to make bitcoin mining more distributed and efficient.

The idea of making the mining process more accessible has to do with more than just creating new bitcoin, according to Block's general manager for hardware, Thomas Templeton. Instead, he says the company sees it as a long-term need for a future that is fully decentralized and permissionless.

"Mining needs to be more distributed," Dorsey wrote in a tweet in October,when he first floated the idea. "The more decentralized this is, the more resilient the bitcoin network becomes."

Toward that end, the company is solving one major barrier to entry: Mining rigs are hard to find, expensive and delivery can be unpredictable. Block says it is open to making a new ASIC, which is the specialized gear used to mine for bitcoin.

The project is being incubated within Block's hardware team, which is beginning to build out a core engineering team of system, ASIC and software designers led by Afshin Rezayee.

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The software used in bitcoin mining is getting its first big makeover in more than a decade here's what's changing - CNBC

The crypto market has been showing signs of decline recently as prices of Bitcoin and other crypto assets keep dropping. With the hikes in interest rates from most of the global central banks, the global economy is getting tighter. The impact on both the crypto and traditional markets is significantly devastating.

Following the events, the International Monetary Fund (IMF) warned about economic decline. Furthermore, it speaks of a possible worse global recession in 2023. This means that financial markets will go risk-off, creating extreme fear for the markets.

Hence, there could be a drastic decline in the prices of crypto assets and conventional stocks.

The price of Bitcoin has depicted a strong correlation with equity assets for more than a year. This is seen with most of the trends for BTC and some stocks in most cases. Several factors and conditions have been highlighted as explanations for the correlation. One of the stocks with a solid link to Bitcoin is S&P 500.

Bitcoin witnessed a price drop during the global pandemic recession in 2020. This was the same story for equity stocks. But as the economic conditions gradually progressed positively, the system transited accordingly. As a result, the crypto and equity markets sold off in December 2021 and May 2022.

Most of the correlated trends could indicate the performance of markets for securities once they hit a certain liquidity threshold. But, conversely, it could suggest that institutional fund has reached a sizable portion of capital inflows.

The price of Bitcoin could be tossed around firmly and fiercely despite the causative factors of a declining economy. However, the primary crypto asset could meet a drastic fall once theres a global recession. This will propel investors to pull out their funds through massive sell-offs.

The price of Bitcoin will boost in a situation with favorable intervention. For example, the US Federal Reserve and other central banks globally could take the IMF warnings and cut down rates to curb recession. Such a situation will create a price rally for Bitcoin and other crypto assets. Also, equity stocks will strive positively.

However, there could still be hope even without the intervention of the central banks. This means that a recession will emerge and pull down the crypto market, with the price of BTC dropping. Such lower prices could become an attractive entry point for some investors of the crypto assets.

Recall that the 2008 recession brought no prominence to Bitcoin. But following its collapse in March 2020, the primary cryptocurrency got a massive bull market that spiked its dominance in the crypto market. From then, Bitcoin rallied far above the equities and has been sustaining its stance.

With the overall outplay of events, Bitcoin depicts a bullish outlook on a long-term basis. At press time, the BTC price is around $19,137, indicating a drop over the past 24 hours.

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Will Bitcoin Tank If A Recession Hits, IMF Issues Warning - NewsBTC

Bitcoin is often addressed as digital Gold. Will the largest cryptocurrency flip the market cap of physical gold?

The current market cap of Bitcoin is over $366 Billion, while the market cap of gold is estimated to be over $11 Trillion. Bitcoins market cap will have to grow over 30 times to flip the gold market cap.

Bitcoin has just progressed by 3.32% on its journey to flip the shiny metal, according to a Twitter bot that compares the exchange rate and market cap of Bitcoin and gold.

Both Bitcoin and gold are used as a store of value and a medium of exchange.

The precious metal has an additional use case in the form of jewelry. But the exact physical nature of gold makes it challenging to store and transfer. Bitcoin can be transferred faster because it has no physical limitations. Bitcoin also eliminates the need to involve a third party for transactions.

Furthermore, only experts can verify if a bar of gold is authentic, whereas verifying Bitcoin is just a few clicks on the internet.Due to these factors, the community believes that the flip is inevitable.

Economist Peter Schiff believes that Bitcoin is not backed by anything that holds intrinsic value. He stated in a podcast:

The truth is the real success of Bitcoin rests on more people buying it. If you own it, you need to get many of your friends or colleagues to buy it because thats the only way its prices go up. Bitcoin is not an asset like real estate where you can collect rent, stocks where you could collect a dividend or bonds where you get paid interest. Its not like a commodity where you actually can use it for something, like oil to generate power. Its not like gold, where you could make jewelry out of it or conduct electricity with it or use it in all sorts of industrial applications like other metals.

There are various counters to Peter Schiffs anti-Bitcoin stance, most notably by Michael Saylor, who believes that Bitcoin is a commodity that provides utilitarian benefits. The co-founder of MicroStrategy has made a bold statement that Bitcoin will cross over $100 trillion in market cap, surpassing the market cap of gold by a significant margin.

There are various perspectives offered by the Bitcoin community and the community with an anti-Bitcoin stance. Only time will tell which side wins the prediction game.

For BeInCryptos latest Bitcoin (BTC) analysis, click here

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DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin vs Gold: Will BTC Flip the Market Cap of Physical Gold? - BeInCrypto

According to predictions by famous analyst Willy Woo, Bitcoin is expected to reach 1 billion users in the next three years. This prediction is based on the similarity of the development of the Bitcoin user network to the growth of the internet in the 1990s.

Willy Woo is a well-known pioneer of on-chain analysis and is a Bitcoin evangelist. His Twitter profile is tracked by 1 million followers, who receive regular updates on the Bitcoin network, cryptocurrencies and the widespread adoption of blockchain technology.

In Wednesdays tweet, he again addressed the latter topic and made a new attempt to estimate the rate of future growth of BTC adoption. His calculations are an extrapolation of several figures:

The latter figure represents 4% of the worlds population. According to Woo, if this pace of growth is maintained, the number of users will reach 1 billion within the next three years. This will represent 12% of the global population.

The idea of adoption curves articulates how new technologies have been developed and popularized in broad communities. For example, the chart below shows how new technologies have spread in the United States from 1900 to today.

We can see that the development of most technologies follows an S-shaped curve. Sometimes it is heavily stretched mainly in the first half of the 20th century. Sometimes it is narrow and looks more like the letter I especially in the last three decades.

In any case, the recurring pattern is based on the idea of diffusion of innovations, according to which, slow adoption of a new technology accelerates after a certain critical point is reached. This point marks the phase of assimilation of the innovation by an ever-widening circle of society.

In contrast, there is a slowdown at the end, with the technology gradually penetrating the last bastions of late adopters and laggards.

According to some analysts, BTC has already completed the periods of innovation (2.5% of the population) and early adopters (13.5%) and is now entering the early majority phase (34%). For example, user @liquiditary tweeted a graph of Bitcoins adoption curve, on which he marked the current stage of development.

If this estimate is correct, then indeed the BTC network stands at the threshold of exponential growth. Then the prediction by Willy Woo that 12% of the population will be using Bitcoin in three years may come true.

Moreover, blockchain technology and Bitcoin have an excellent benchmark against the internet, which is several decades older. It turns out that the development curves of these two technologies overlap very well.

In the chart below tweeted by @Issherai, we see that the two graphs of the total number of internet users (green) and crypto users (blue) are almost identical. The only difference lies in the different dates of their dissemination.

The widespread adoption of the internet began in the 1990s (upper X axis), while the adoption of cryptocurrencies has continued from 2014 to the present (lower X axis). If this growth rate is maintained, we can actually expect 1 billion cryptocurrency users by around 2025-26.

For Be[In]Cryptos latest Bitcoin (BTC) analysis, click here.

Disclaimer: BeinCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin Will Hit 1 Billion Active Users In Next 3 Years, Predicts Willy Woo - BeInCrypto

The charts of bitcoin, Tesla and Ark Innovation ETF are all showing the same thing: That the market for the some of the riskiest holdings is at an inflection point. That could be a warning sign for the broader market as well. Jonathan Krinsky, chief market technician at BTIG, says all three are testing key chart areas that look ready to break, taking prices lower. They are all on the "cusp of cracking key levels," he says. Tesla closed Tuesday at $216.50, below the important $220 level. Ark briefly broke below the key $35 level Tuesday, before rebounding to close at $35.65. Bitcoin is nearing a test of $18,000, Krinsky notes. "They were leadership on the way up...They've generally been leading to the downside," said Krinksy. Krinksy said the group's behavior backs his call for more downside for the S & P 500, which closed at 3,588 Tuesday. "I do think the S & P 500 is vulnerable to 3,400," he said. "I'm not bearish on the S & P simply because of these charts, but they do add to the conviction." Bitcoin, just below $19,000 Tuesday on Coin Metrics, could fall to $14,000, if the $18,000 level doesn't hold, he said. "I think it speaks to the Nasdaq, and I think it will eventually translate to the S & P 500," said Todd Sohn, technical analyst at Strategas. "The weakness from one area will leak to the S & P." Sohn described Ark, bitcoin and Tesla as emblems for the "speculative corner of the market." "Ark and bitcoin bottomed earlier in the summer, and they kind of treaded water since. Now, they're starting to approach those lows again," said Sohn. "It's a new test, and the pressure is on." Ark Innovation has been a poster child for the riskiest trades. "My expectation is that they all do break," said Krinksy. "If you look at the Ark chart, it's the fifth time we've tested $35, $36. Typically there's not anything such as a triple bottom, let alone a quintuple bottom. The more times you test a level, the more likely it is you break." Sohn points out that the Nasdaq fell to a two-year low Monday. He said it is the first time the index carved out a new low over a rolling 2-year period since 2008. Like the Nasdaq, trading in Ark, Tesla and bitcoin is tied to the direction of interest rates. "I think they are three keys for long duration," Sohn said. "You could make the case that they're somewhat of a clue on interest rates. If interest rates come in, they would at least try to bottom and improve. That could be somewhat of a tell that maybe rates are starting to pause." Sohn noted that the i Shares 20+ Year Treasury Bond ETF , which serves as a bond market proxy, hit a new 11-year low Monday. The closely-watched benchmark 10-year Treasury yield touched 4% in overnight trading, and stood at 3.94% late Tuesday afternoon. Sohn noted that $206 was the May low in Tesla, and if it stays below that, it could drop to the low $100s. "If Ark undercuts $35, you're looking at $30. That's back to the Covid low," he said. Bank of America's chief equity technical strategist Stephen Suttmeier has also been watching Tesla closely. He says it is on "head and shoulders top breakdown watch." That chart formation signals more negative action that could take the stock to $100. "A decisive break below 216-206 would confirm the head and shoulders top and suggest deeper downside risk to chart supports at 180 and 167 along with the rising 200-week [moving average] near 156 and the log scale pattern count in the 100 area," Suttmeier wrote. --CNBC's Michael Bloom contributed to this story

Originally posted here:
The charts of Tesla, Ark and bitcoin are all flashing the same big warning for investors - CNBC

This is an opinion editorial by Stefan Dzeparoski, an award-winning international director and creative producer.

And those who were seen dancing were thought to be insane by those who could not hear the music, Friedrich Nietzsche

Bitcoin and art could lead us out of the mechanical stronghold that the predatory, manipulative and exploitative fiat reality imposes on us. Art is individually liberating and inherently disruptive. Bitcoin is the groundbreaking technology that does the same. How do we free a people whose monetary foundation is not free?

To free the people, is a powerful statement. We can guess with great certainty from what or whom people want to be free. What happens when people are free? If we agree that Bitcoin and art need to free people from the fiat systemic oppression structures, we must be specific about what kind of freedom we want to lead. The power of art to free the people was always a threat to any political, military and economic system. As much as that power was suppressed by kings, governments and bureaucrats, that power was also manipulated in leading many revolutions just think of Europe in the 1960s, the 1980s and 1990s.

You think you are an individual, but are you actually? Jiddu Krishnamurti

In art, I becomes we. It is a paradox that is present in art. An artist is communicating the work with the public and in doing so becomes a part of the larger group. In that instant the artist becomes we, and we are one with the artist. Something similar is present in the existence of Bitcoin. With every block created and node approval granted, a singular becomes plural-forever embedded in the blockchain. I in Bitcoin, even if it is seen as a sovereign individualistic and pragmatic construct, disappeared from the vocabulary. In Bitcoin, it is always we as we are not singular but a combination of more than just one node/individual. That is how we discover that we is the path to free the people.

Consider your origins: You were not made to live as brutes, but to follow virtue and knowledge. Dante Alighieri

The fiat system and culture are predatory and mechanical. If we chose a contemplative and creative culture, the massive civil awakening that is potentially upon us could be transformed into the movement of creation and renaissance of human consciousness. The base for it is sound money is bitcoin, and the way of enlightening people is art. That is freedom. To be enlightened and to have sound money. That is how Bitcoin and art will free the people. Why do we always and repeatedly need to build technology and money for the worst-case scenario? We already have new, different technology and means of communicating and adopting the same. We have Bitcoin and art. Unfortunately, we perceive history as a past narrative, but we do not understand that history itself is a narrative in perpetual motion. And we learn nothing. All is already written in cycles and the nature of progress. To fully transform our reality we need to free the people.

Only after disaster can we be resurrected. Its only after youve lost everything that youre free to do anything. Nothing is static, everything is evolving, everything is falling apart, Chuch Palahniuk, Fight Club

Art will give us the vocabulary to articulate the science of Bitcoin. Through art, we could access the morality of Bitcoin. The people will be free through allegory and symbols. Someone could rightly state that allegory itself is nothing else but verbal symbolism. Bitcoin is the symbol of an idea and that idea is freedom. Bitcoin gives a new identity to freedom that is born out of contemplation and creativity. The idea of freedom is larger than the response to predatory and mechanical structures of the fiat system and fiat institutions. Bitcoin can free people to create a new reality using the language of art.

Bitcoin needs its own symbolism. That symbolism is the future essence of Bitcoin's existence.

If we are to withdraw that symbolism from Bitcoin, we will leave behind a lifeless mass of code and cold mathematical calculations. Bitcoin proposes a new definition of not just monetary freedom, but a definition of freedom in and of itself. The proposition is simple: Bitcoin is not issued and not controlled by any government or financial institution. By being not controlled by anyone at all, Bitcoin is closer to the idea of energy. And energy is freedom.

As a non-controllable entity, Bitcoin proposes a way for us to deal peacefully with each other through mutual agreement. That is freedom. This kind of exchange could only happen between and among free people. The only true connection even spiritual connection is between Bitcoin and art.

Freedom in the new Renaissance actually exists everywhere all at once on each node. Bitcoin and art inspire us equally to say: I dont know, and that is the only way to be free. In learning, we open freedom to be and to create. Bitcoin holds the idea that all people have the same opportunities to grow. That is freedom and that freedom cannot be achieved without your work and your compassion. That freedom is the key to the new Renaissance.

The artistic realm is real. It comes at first, down to us, in its immateriality. To grasp art we need to have consciousness and free will. Consciousness and free will are not illusions.

Art is not an illusion.

Bitcoin is not an illusion.

Freedom is not an illusion.

This is a guest post by Stefan Dzeparoski. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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How Bitcoin And Art Will Free The People - Bitcoin Magazine