I know people who see bitcoin’s price and think, “Damn, I missed that.” I’m late. They are attracted to altcoins that are cheaper, but will eventually lose their value. They believe that coins selling for less than $1 are going to be the next bitcoin. There isn’t a ‘next Bitcoin’. Bitcoin is a historical accident. It was and still is a lot like our ancestors discovering fire. Let’s look at the early internet for context.
Only a few people had internet access in the 1990s. The internet was a strange thing back then. It was a new phenomenon that few people knew about. Few people could have predicted the rise of social networking, social media and online conferencing. That’s where Bitcoin is at the moment. It is still very, very early. Because so many people don’t know about all the developments and what’s being built on Bitcoin right now, it is especially important.
Layer 2 solutions are those that build on top of Bitcoin blockchain. The Lightning Network is one such project. It now has 14,000 nodes and 68.300 payment channels. This network spans across six continents (sorry Antarctica). Layer 3 solutions are the decentralized apps being built on top the Lightning Network. The goal is to create a new peer internet. One that isn’t subject to the control or censorship of Big Tech. It realizes the original internet ethos.
We are now seeing the first glimpses of projects using the infrastructure built by companies like Impervious. These will allow people to call Lightning nodes or monetize any service that is not financed with a Lightning bank account.
We are witnessing an early stage of evolution. It’s still early days of an evolution. Bitcoin’s Layer 1 settlement layer has been the most valuable store of value. nations have adopted it as legal tender, thereby abandoning the U.S. dollars’ global dominance. The Lightning Network has been the best exchange. We now have Layer 3 decentralized apps. These are the companies of tomorrow. Bitcoin is now more rare than it really is because of the functionality that it offers.
Bitcoin is almost as popular today in terms of adoption as the internet was back in 1997. Bitcoin is growing faster than the internet. We could very well see more than one billion users in the next four years, if this trend continues.
A single bitcoin’s price movement is just noise. It doesn’t really matter at what price you buy. It doesn’t matter what price you buy. Individuals and groups that are smarter than I see the current price as a blip. We are on the way to $1,000,000 per coin by using PlanB’s’stock-to-flow_’ model. It’s like worrying about Amazon and Apple’s share prices in the 2000s that we worry about where our coins are trading now. We’re just getting started. The Lightning Network continues to be strong.
These are exciting times. It’s an honor to have witnessed the evolution of the internet from its inception to today. It’s not too late to participate in Bitcoin’s evolution.