Summary
The Bitcoin Freedom Festival in Costa Rica featured a panel of indigenous women who described bitcoin as “natural money.” They explained that bitcoin is derived from natural resources such as water, wind, and solar energy, which are converted into electricity for bitcoin mining. In contrast, fiat currencies are created out of thin air and are artificial. The term “natural money” is more approachable and less divisive than “bitcoin,” and it neutralizes attacks against the cryptocurrency. The author suggests using the phrase “natural money” when describing bitcoin to appeal to a wider audience.
Key Points
1. Bitcoin is referred to as “natural money”: During a panel discussion at the Bitcoin Freedom Festival, one of the indigenous women described bitcoin as “natural money” or the “natural coin.” This framing emphasizes that bitcoin is sourced and secured by natural resources such as running water, methane gas, hydrocarbons, wind, and solar energy, which are then converted into electricity for bitcoin mining. This highlights the connection between bitcoin and the natural world.
2. Fiat currency is the opposite of natural money: In contrast to bitcoin, fiat currency, such as the US dollar, can be created out of thin air by central banks or privileged individuals. Fiat currency is considered artificial and is not backed by natural resources. The concept of natural money exposes the flaws in the current monetary system and highlights the authenticity and inherent value of bitcoin.
3. Natural money as a more approachable term: The term “bitcoin” can often carry negative connotations and be met with resistance or skepticism. To make the concept more appealing and accessible to a wider audience, the author suggests using the term “natural money” instead. This rebranding neutralizes potential attacks and creates curiosity around the idea of money sourced from natural resources, appealing to those who may be skeptical or unfamiliar with bitcoin.