thomas_fahrer on Nostr: The Bitcoin community is currently divided over 'inscriptions', marking the most ...

The Bitcoin community is currently divided over 'inscriptions', marking the most significant split since the block size wars of years past.

This division carries weight because Bitcoin's value is fundamentally rooted in the collective agreement of its participants.

The Bitcoin token itself doesn't possess inherent tangible value - it's simply a digitized number in a ledger. Its value is derived from the social layer, the shared agreement among users that this token holds value.

Bitcoin's economic viability rests on this social consensus. The software of Bitcoin, with its mutually agreed-upon rules, automates this social contract. When the software and social layers synchronize, the network thrives.

Without this social consensus, any deviation merely leads to self-eviction from the network. Forking Bitcoin is akin to a constitutional amendment — it demands convincing a significant number of people that the new ruleset will better serve their interests. No small feat.

Convincing some people of your amendment while failing to persuade others can result in a hard-fork. While some Bitcoiners view this as an opportunity to increase their share of the "real Bitcoin" by selling the opposing fork, it's important to take a broader perspective.

A community split extends beyond the creation of a new token or blockchain. It fragments our collective power, the very power that has catapulted Bitcoin from obscurity to a globally recognized alternative to fiat currency.

It's often overlooked that Bitcoiners find common ground on the most critical issues.
We are united in our belief in a decentralized, censorship-resistant, P2P currency that operates free from the influence of central banks and governments

Many people are capable of contributing to this mission, and we're better off collectively working together than ostracizing people to leave the network.

Ultimately it's a good thing for everyone if they can 'have fun' using Bitcoin. Even if they used to play with altcoins

Yes, using the main chain comes with a high cost, and we know it's going to get more expensive following hyperbitcoinization.

This challenge is what can and will push more people onto layer twos.

Good. It's time to work on lightning ⚡️