Femi Longe
5mo ago
Day 5 - What's this Bitcoin thing & why does it matter?
Femi Longe

As the Global Bitcoin Lead on the Financial Freedom team at the Human Rights Foundation, I’m deeply immersed in the world of Bitcoin.

Just Bitcoin. Not blockchain, crypto, Web3, or DeFi.

Why Bitcoin and Not the Others?

You might be wondering, “What’s the difference between Bitcoin and all those other terms?” Well, there’s a huge difference, both in spirit & implementation.

In future posts, I’ll dig into that, but for now, I’ve chosen to focus narrowly on Bitcoin. Honestly, it’s enough to keep me busy for a lifetime! Why go searching for what’s not lost (and yes, please read that last part with a Yoruba accent)?

What Bitcoin Really Is

Bitcoin is a decentralized, permissionless, censorship-resistant, open-source, peer-to-peer system of electronic cash.

It was created by the pseudonymous Satoshi Nakamoto, who didn’t just build it—he handed it over to the community and walked away over a decade ago. By removing himself from the picture, Satoshi ensured Bitcoin’s true decentralization.

Only 21 million Bitcoin will ever exist, with new ones mined approximately every 10 minutes by a global network of computers solving complex mathematical problems. Each Bitcoin can be broken down into 100 million satoshis, and you can send or receive the smallest fractions across the world with ease.

Why I’m Excited About Bitcoin

Most people focus on Bitcoin’s price in relation to fiat currencies like USD, Euro, or Pounds. But for me, the real excitement lies in its ability to transfer value globally without needing a third party like a bank or Visa/Mastercard.

As an African, I’ve seen firsthand the challenges of trading with neighbors using foreign currencies like the USD. Bitcoin, on the other hand, is neutral—it’s not controlled by any one country, it can’t be printed excessively, and central banks can’t devalue it.

No one can block my access to send or receive Bitcoin, no matter where I am in the world.

And perhaps most importantly, there’s no central team that can suddenly steal everything and disappear into the sunset. Bitcoin’s design makes that impossible.

What’s Next for Bitcoin?

We’re still in the early days of Bitcoin, and some of the smartest minds are working on improving the network and addressing real-world challenges using it.

I’m grateful to be part of this journey, especially when it comes to empowering human rights activists and everyday people fighting to hold governments accountable.

I’m here for the long haul, and I’m excited to see where Bitcoin takes us next.

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