For bitcoin maximalists, hyperbitcoinization is the end game. Only when BTC has completely displaced fiat money can one speak of success, according to the bullish stance of Bitcoiners. What to Know About Hyperbitcoinization.\u201cBitcoin wins when all other currencies fail,\u201d writes Bitcoin influencer ObiWan Kenobit in his much-cited medium article \u201c Hyperbitcoinization: Winner Takes All.\u201d However, the term has existed since March 29, 2014. At that time, employed Nakamoto Institute author Daniel Krawisz dealt with the phenomenon of the complete displacement of fiat money by the cryptocurrency \u21161.Hyperbitcoinization has since been understood to mean both a state and a process that works towards this state: Bitcoin as the dominant world currency. A distinction is typically made between different stages of this process. While Bitcoin is still in its early stages these days, authors like Krawisz and Kenobit believe that things move very quickly after a certain point. The latest bull run could indicate that Bitcoin is now moving into the next phase. Then, it is said, the opportunity costs of the BTC adaptation are lower than its rejection. One speaks of the so-called tipping point. Of course, nobody really knows when it will come.Feed for this type of reasoning is a consideration of the prevalence of exponential technologies such as the Internet, telephones, and computers.At the time, Krawisz defined hyperbitcoinization as \u201ca voluntary transition from an inferior to a superior currency\u201d \u2014 and thus remained true to the spirit of digital gold. After all, it is precisely this voluntary participation that distinguishes Bitcoin. Nobody is forced to use BTC, but anyone who wants is allowed to.The argumentation of the maximalists goes something like this: There are no monopolists with a power overhang like in the central bank system with BTC; rather, everyone has the same rights of participation and so the\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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