Leaders in the Bitcoin space discuss underexplored use cases and innovations, including Lightning use cases, machine-to-machine payments, and ubiquitous stable coins on Bitcoin. They also explore building on different blockchain platforms, discuss privacy and self-custodial control, and highlight the importance of preserving privacy and anonymity.
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Quick takeaways
The underexplored use cases of Bitcoin include the potential for building innovative solutions on the lightning network such as machine-to-machine payments and scalable stablecoins.
The future of stablecoins on the Bitcoin network lies in lightning-enabled solutions, offering faster, scalable, and non-custodial transactions that can disrupt traditional payment systems.
The importance of creating a Bitcoin-centric ecosystem that prioritizes holding and using Bitcoin as the primary asset, aiming to make it the unit of account with self-custodial solutions and enhanced privacy features.
Deep dives
Underrated Use Cases of Bitcoin
The podcast episode delves into some of the underrated use cases of Bitcoin that extend beyond its reputation as a store of value. The guests discuss how Bitcoin is being used on a daily basis and how it is being built upon to create innovative solutions. They highlight the potential of Bitcoin's lightning network to enable scalable stablecoins, facilitate machine-to-machine payments, and revolutionize financial services. The guests also emphasize the importance of integrating lightning into existing systems and creating user-friendly applications that leverage Bitcoin's unique properties.
The Journey Toward Ubiquitous Stablecoins
The conversation turns to the future of stablecoins on the Bitcoin network. The guests discuss the potential for a stablecoin to be launched on lightning, taking advantage of its growing network effects and Bitcoin's widespread adoption. They talk about the competition between USDC and USDT and the importance of being the first to offer stablecoin support on lightning. The guests also highlight the benefits of lightning-enabled stablecoins, such as faster, scalable, and non-custodial transactions, and their potential to disrupt traditional payment systems.
The Social Impact of Bitcoin Services
The episode highlights the social impact of various Bitcoin services and applications. The guests share stories of individuals using their products and services to onboard people to Bitcoin and Lightning Network. They discuss the growing trend of individuals buying and saving Bitcoin, the potential for self-custodial wallets to mimic custodial experiences, and the importance of building user-friendly and socially connected solutions. The guests also emphasize the value of competition in the Bitcoin space and the need for continued engagement with regulators to drive pro-Bitcoin policy and adoption.
Building a Bitcoin-Centric Ecosystem
The podcast episode discusses the importance of building a Bitcoin-centric ecosystem that prioritizes holding and using Bitcoin as the primary asset. The speakers emphasize the need to support the Bitcoin ethos and mentality by offering services that make it easy for users to onboard to Bitcoin and gradually transition away from fiat currencies. They highlight the long-term goal of making Bitcoin the unit of account and express interest in supporting Bitcoin-only use cases while providing interoperability with other cryptocurrencies when necessary. The speakers also mention the importance of developing self-custodial solutions and enhancing privacy features to ensure user control and autonomy.
The Growing Developer Ecosystem and the Future of Lightning Network
The podcast also explores the growth of the Lightning Network and its impact on the developer ecosystem. The speakers note that the number of developers working on Bitcoin and Lightning has increased significantly, leading to more robust lightning-specific businesses and verticals. They highlight the importance of non-custodial support and user-friendly tools to drive adoption and preserve privacy. While they acknowledge that building on Bitcoin can be challenging, they are optimistic about the quality and commitment of Bitcoin developers who prioritize the ethos of decentralization, autonomy, and privacy. They envision a future where lightning infrastructure continues to improve, allowing for a wide range of applications, including programmability, DeFi, and interoperability with other blockchains.
Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints.
Guests on this month’s Bitcoin Brainstorm include:
00:00:54 Intro with Rod Roudi welcoming our fantastic guests
00:05:09 What are some of the most underexplored use cases in Bitcoin?
00:14:31 How the use cases for Lightning have matured and why Des chose to build THUNDR GAMES on the Bitcoin network
00:17:43 Machine to machine payments as a use case for lightning
00:26:53 What do our guests think the first ubiquitous stable coin on Bitcoin will be?
00:33:49 Viktor examines some of the ways that decentralized finance (DeFi) can be more practical than Bitcoin
00:39:13 Exploring the growth in total developers on Ethereum as compared to Bitcoin, especially when you include lightning developers
00:43:32 Why is the dynamic of developers building on Bitcoin different than those who chose to build on Ethereum?
00:50:34 Our guests share some of the stories from their clients and users that blew them away
00:55:32 How is regulation in the Bitcoin space changing?
00:59:41 Our guests provide their opinions on what Bitcoin looks like in 5 years and how anonymity may change in the future?
01:09:09 Rod, Viktor and Yassine conclude the episode with some optimism on the future of Bitcoin, pointing out decentralized communities across the country and around the world
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