Looking Into Hasu Fly’s Essay “Unpacking Bitcoin’s Social Contract” and Futuristic Input

2019-2-15 19:35

Bitcoin (BTC) has been affected by hard forks, divisions, and many other issues during the last few years. Although this is something that did harm the crypto space and the community, these public networks continue to grow and expand around the world.

Bitcoin has changed the way in which many individuals around the world live. However, in the last five years, there have been some developers that increased their voices regarding how the protocol should evolve and operate. Because of this situation, the community got divided and it created many forks from Bitcoin.

Although the Bitcoin protocol showed that it is resilient to many different challenges, there are several opinions and ideas that are threatening Bitcoin’s social contract. The cryptocurrency researcher known as Hasu Fly explained that fiat money is a social contract or an agreement between a citizen and the state.

In his essay “Unpacking Bitcoin’s Social Contract” he says that many individuals do not realize that Bitcoin works through a social contact as well. The Bitcoin network and its social contract have its own rules as well.

These four rules are:

No confiscations No censorship No inflation Anyone can verify rules 1-3

Indeed, the network, Bitcoin and Bitcoin Cash (BCH) followed and respected this social contract. Although Hasu mentioned that social contracts do not fork, the BCH case is a rare case scenario in which it is possible to see two weaker social contracts.

One of the main topics discussed during the last weeks is related to Bitcoin’s 21 million capped supply. Some developers were discussing the possibility to increase Bitcoin’s supply. However, the whole community was completely against this proposal. But this can be an issue in the future. What if generations in the future would change Bitcoin and eliminate its 21 million supply?

If the next generations decide to stick to the rules of Bitcoin’s social contract, they must also continue to strengthen this agreement. There are some challenges that must be faced by the most popular digital currency and the community, but this will ultimately decide whether the social contract will be respected for a longer period of time or not.

The ultimate goal is to have a society that uses Bitcoin for daily transactions and/or to store funds. Nonetheless, the Bitcoin network that we know today may be different in the future and change the way in which it works.

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