Maxi: Bitcoin doesn’t need you.

Me: Yes, Bitcoin does need you! Bitcoin requires various individuals to remain relevant and valuable. Bitcoin (Big B) is a financial system and Bitcoin (little b or BTC) is a form of digital currency. Too many times, I hear this retort “Bitcoin doesn’t need you” when a newcomer asks a tough question. In truth, we need tough questions, and we need smart people to provide great solutions. This will be quick! This is why Bitcoin needs all of you. Let’s get into it.

1. Human Element

Bitcoin, being man-made, has flaws. People correct those flaws. Despite being arguably, the best money invented, Bitcoin has shut down twice due to problems. Humans solved those issues.

2. Core Developers

Core developers maintain and advance the Bitcoin network by refining and updating its core software. They implement Bitcoin Improvement Proposals (BIPs), which can come from anyone. As I stated in Maxi Misnomer #2. Bitcoin isn’t perfect. When a new iPhone gets released, these people make adjustments. When a new application gets added to the network, core developers are getting the work done. Bitcoin needs people.

3. Miners

Miners are unsung heroes in the Bitcoin ecosystem. They maintain the network, repair machines, and secure transactions. Without them, Bitcoin would become irrelevant. When someone says Bitcoin is decentralized, they are really talking about the work that miners do all of the world. The noise, the heat, the repairs done behind the scenes make miners (people) required. Yes Mr. and Ms. Miner… Bitcoin needs Y.O.U!

4. Politicians

Bitcoin needs laws to protect users from scams and bad actors. Politicians establish regulations that Bitcoin’s basic rules cannot. This integration into society requires lawmakers.

5. Regular Users

Every new user helps the network grow, theoretically increasing the value of existing Bitcoin holdings. Scarcity is relative, and growing demand strengthens the argument for Bitcoin’s value. Pop quiz! If you triple the number of people that own Bitcoin, is that better for the value of the network? If you answered yes, then Bitcoin needs every new person that can join the ecosystem. The biggest fallacy against Bitcoin is denying its reliance on people. Bitcoin has shut down twice, and people resolved those issues. People will solve existing problems, like scalability too. Bitcoin Improvement Protocols (BIPs) can come from anyone. Without people, Bitcoin would have no value, because people are part of the Bitcoin Ecosystem.