Bitcoin Is The Ultimate Paradigm Shift

Upon understanding it, Bitcoin fundamentally changes the way people see the future of money.

For millions, bitcoin equates to hope — for others, it’s an end to centralized control of people’s money — and for some it’s both. I was introduced to Bitcoin in 2017 by a work colleague who stated this technology would be the future of money, but I didn’t understand much about it at the time. It’s hard to understand the conviction needed to survive the roller coaster ride and the subsequent rabbit hole that is Bitcoin until you take a minimum of one hundred hours researching as much information about it as you can. Distributed computing, also known as the internet, has opened up new ideas and applications. Bitcoin is distributing transfers of value in a way never before seen in human history.

Wages nationwide are stagnant, but the cost of living is increasing every year. Why do financial institutions always get bailed out? Why have education, healthcare, and rent become so expensive? Why is wealth inequality continually getting worse despite the government spending more on social programs? It’s because the monetary system is broken and based on a fiat currency debt-based structure.

At one point in the past saving cash in the bank made sense and allowed you to build wealth. Saving cash in the bank now gives such little yield on interest it’s virtually pointless to keep it there. This can’t be what the American dream is all about, and is a clear sign the monetary system needs a major upgrade. I had to find something that would store my monetary energy securely. That’s when I started seriously focusing on bitcoin. Money is energy and energy brings value. You work a job and expend some energy doing so and the reward for that is a paycheck with a sum of money attached to it. Millions across the globe are also running toward bitcoin as a form of monetary sovereignty, not just Americans.

Bitcoin Fixes This

Bitcoin is bringing people from all walks of life into a paradigm shift that will make the world look at money differently, but fixing the money is one aspect of a fundamental change in the approach that bitcoin will achieve. Currently, most people are buying Bitcoin to get rich or as protection from inflation but that is just a superficial layer. Bitcoin buys you freedom and gives you power over your money, and ultimately the freedom to live life on your terms. That different outlook will remove fear, greed, corruption and increase the betterment of humanity on a global scale. As the bitcoin manifesto goes, “fix the money and you fix the world.”

One of the most beautiful things about bitcoin is that once I began to learn about it, I also subsequently learned economics, computer science, math, philosophy, political science, history, and physics. Those are all schools of thought that transcend gender, race, religion, or culture. As adoption becomes more ubiquitous it will spark these new ways of thinking, and transform the state of mind of “bitcoin standard” participants such as myself worldwide. Bitcoin is multi-layered and multi-functional. Whether it’s mined, hodled, spent day to day, or leveraged. It is sound money and lives in the minds of those that believe in it with conviction. Investing in something everybody needs, few understand and you can’t stop the technological innovation of, is the bitcoin game theory coming full circle.

Global Shift In Paradigm

The forefront of this paradigm-shifting technology is that the Bitcoin network isn’t controlled by any one country, government entity, or person. It’s decentralized, meaning it can’t be corrupted or controlled, and that is a beautiful thing. As fiat money continues to be printed bitcoin will continue to give traditionally disenfranchised people a chance to “get in” by utilizing the network effect, obtaining wealth and most importantly harnessing a different way of thinking. What we are witnessing is the collapse of the welfare state and the birth of sovereignty via the bitcoin standard.

The gold standard will be an anachronism to the bitcoin standard. In the same way, the industrial way of thinking will be an anachronism to the informational or digital way of thinking. The future comes faster than you think and it’s only a matter of time before bitcoin creates a monetary revolution in conjunction with a mental shift for the entire world. This disruption forced me to think outside the box about the present and future use of money, and disruption creates the perfect recipe for hyperbitcoinization.

Bitcoin is Satoshi’s solution to a problem that the entire world faces. Digitized encryption has unleashed an idea that has sparked inspiration in the hearts and minds of millions and soon billions of people. It transcends money because it is an idea that cannot be put back into the box. If Bitcoin hasn’t opened a new neural pathway in your mental approach to asset scarcity, financial freedom and a store of value you haven’t done enough research. The good part is there are now tons of ways to learn about this transformative technology on your path to becoming orange-pilled.

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


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Coinbase Launches Support for Ethereum Competitor Across All of Its Platforms

US-based crypto exchange Coinbase is expanding support for a prominent Ethereum rival across all of its platforms.

The digital asset exchange’s customers can now trade, send, receive and store AVAX, the native token for the smart contract platform Avalanche, on and in the Coinbase Android and iOS apps. Coinbase Pro listed the asset earlier this week.



AVAX is trading at $68.48 at time of writing and is up nearly 5% in the past 24 hours, according to CoinGecko. The 12-ranked asset by market cap has skyrocketed by 1482.5% in the past year.

Earlier this month, the Avalanche Foundation revealed it had raised $230 million in a private token sale to fund decentralized finance (DeFi), enterprise applications and other projects on its ecosystem.

Coinbase’s chief executive Brian Armstrong said this summer that the exchange was hustling to list as many altcoins as possible.

The crypto exchange has recently added support for the following crypto assets:

  • Rari Governance Token (RGT)
  • XYO Network (XYO)
  • DerivaDAO (DDX)
  • (YFII)
  • Radicle (RAD)
  • Axie Infinity (AXS)
  • Request (REQ)
  • TrueFi (TRU)
  • Wrapped Luna (WLUNA)
  • Harvest Finance (FARM)
  • (FET)
  • Paxos Standard (PAX)
  • Polymath Network (POLY)
  • Clover Finance (CLV)
  • Mask Network (MASK)
  • Rally (RLY)
  • BarnBridge (BOND)
  • Livepeer (LPT)
  • Quant (QNT)
  • Braintrust (BTRST)
  • Horizen (ZEN)
  • Shiba Inu (SHIB)
  • Adventure Gold (AGLD).

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Actions speak: China’s crypto ban may reveal digital yuan CBDC goals

Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government’s June prohibition on cryptocurrency mining activities.

The fear, uncertainty and doubt (FUD) that resulted from the ban caused Bitcoin (BTC) to crash nearly 9% within five hours, from exchanging hands in the $45,000 range to bottoming out at $41,142. Soon after, Alibaba announced that it would be banning any sale of cryptocurrency rigs and related accessories starting Oct. 8.

However, the flagship cryptocurrency has since recovered to trading above pre-ban levels of around $45,000. At the time of writing, BTC is exchanging hands in the $47,300 range. This recovery could be on the back of two favorable developments: the chairman of the United States Federal Reserve, Jerome Powell, mentioning that there is no intent to ban Bitcoin or cryptocurrencies in the United States and Iran’s lifting of its temporary Bitcoin mining ban.

This is not the first time that BTC or the market as a whole has recovered from FUD caused by China. As per an analysis by Cointelegraph, the cryptoverse has bounced back from China’s crypto bashing over a dozen times. This instance marks another of these inevitable recoveries.

In addition to the falling price of tokens as an immediate consequence of the ban, the long-term impact on crypto businesses and investors in China is enormous. Huobi Global, the most widely used cryptocurrency exchange in China by trading volumes, immediately stopped crypto transactions for its Chinese investors per the regulator’s guidelines. 

Additionally, the exchange outlined a plan for their users in China that ensures users can safeguard their assets before their accounts are permanently closed on Dec. 3. Du Jun, a co-founder of Huobi Global cryptocurrency exchange told Cointelegraph on the matter:

“Customers will be able to transfer their assets to other exchanges or wallets over the next few months. If customers don’t or cannot see our latest announcements, we will provide other ways to protect customer assets and wait for them to be withdrawn.”

In contrast to the previous instances in which China has thrown shade on cryptocurrencies or announced “bans,” this time there seems to be no gray area or loopholes that allow crypto businesses to continue to offer their services in the country.

China’s motive

As is the case with many countries, China’s hostility toward crypto seems to juxtapose the promotion of its own central bank digital currency (CBDC), the digital yuan.

Ariel Zetlin-Jones, associate professor of economics at Carnegie Mellon University’s Tepper School of Business, told Cointelegraph:

“China clearly wants to promote the digital Yuan. Removing its competitors by banning crypto activities is one way to do this so it seems reasonable to consider this motivation as one rationale for their policies.”

Kristin Boggiano, co-founder and president of cryptocurrency exchange CrossTower, told Cointelegraph: “China seems to be choosing control over innovation, and its actions indicate that crypto could be a threat to the digital yuan as much of crypto is permissionless.”

The government has been pushing its CBDC initiative throughout various provinces to the extent that the Xiaong’an New Area enabled the country’s first blockchain-based salary transaction in June this year. 

This shows immense belief and commitment to the digital currency initiative, as compared to other major economies where the point of discussion is still around the safety and reliability of digital currencies. Thus, this move could definitely be an effort to curb the proliferation of “private” cryptocurrencies and push users in China toward the digital yuan.

China’s loss, America’s gain?

Huobi’s Jun further mentioned that, since the exchange has been expanding its footprint across various countries in recent years, business outside of China already accounts for nearly 70% of the firm’s entire portfolio.

In July, after a series of crackdowns on Bitcoin mining in China, the Bitcoin mining difficulty was impacted immediately, dropping 30%. Zetlin-Jones said similar outcomes are now emerging on the Ethereum blockchain where large Ether (ETH) mining pools in China are now going offline. Zetlin-Jones continued:

“The reduction in mining difficulty reduces the entry costs for mining and creates opportunity for new entrants to mining. While I believe this could be beneficial in driving decentralization in mining, it is unclear this is an opportunity for the U.S. in particular.”

Charles Allen, CEO of BTCS Inc. — a publicly-traded company offering blockchain infrastructure — remains optimistic. He told Cointelegraph: “Blockchain technologies have the power to change the world in the same way the internet did. Simply put, they are the future of finance and beyond.”

Allen said that if China doesn’t want a hand in development and innovation, it is 100% an opportunity for the United States in the long run. 

Related: Crypto community concerned over impact of infrastructure bill on DeFi

U.S. Senator Pat Toomey is of a similar opinion, writing on Twitter, “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

The opportunity for the United States and other major economies here is huge, as various sectors of crypto businesses, like exchanges and mining, need to relocate out to China and thus, would contribute to the surrounding economy with employment opportunities and a consistent capital flow.

Even though there is absolute clarity about the law for crypto business and services, individual investors and cryptocurrency holders are still uncertain about whether the possession of cryptocurrencies is illegal. Boggiano claimed that, even though China-based investors cannot transact in cryptocurrencies over exchanges, the over-the-counter access to the crypto market remains relatively unaffected.