“Der Gigi” was our guest this week on the Relai Bitcoin Session. Gigi is an author, co-host of the Einundzwanzig Podcast, and a prolific Bitcoin advocate on Crypto Twitter.
Relai co-founder and CEO Julian sat down with Gigi to discuss the emergence of Bitcoin as a new phenomenon, society’s misconceptions of Bitcoin, and other use cases that the Bitcoin network can be used for.
You can tune into the episode on Youtube.
Alternatively, you can tune in on AnchorFM.
Bitcoin Faces Same Challenges as Other New Tech
Gigi highlights the similarities between Bitcoin and other new technologies, such as the Internet, which were originally seen with skepticisms and placed into a negative light by the media and society at large, and suggests that Bitcoin is well-positioned to withstand the current FUD (fear, uncertainty, and doubt).
“I don’t believe that anything can stop Bitcoin.”
The technological developments that are being worked on for the Bitcoin network are addressing the main challenges that Bitcoin faces. So Gigi doesn’t see any pressing concern that could “break” Bitcoin at this point.
Open Systems Always Beat Closed Systems
Citing Linux as an example, Gigi explains that open systems always beat closed systems in the long run because a closed system run by a company needs the company to run. Conversely, an open system doesn’t need a company, nor will it disappear when the company disappears.
Even though most people might not know, Linux has established itself despite all the competition from other operating systems. Without Linux, the Internet wouldn’t work. Most servers use Linux, half of smartphones use Linux, and Macs also use Linux on the base level.
In the long run, open systems – like the Bitcoin network – always win. Therefore, it makes more sense to build on Bitcoin as opposed to any other system.
Bitcoin Use Cases
Julian and Gigi also discussed other use cases that the Bitcoin network can be used for. Given that Bitcoin is one of the most robust, distributed, and open networks in the world, Gigi believes it makes sense to build on Bitcoin, not just for financial services providers but also for other use cases.
Currently, saving in bitcoin is the biggest use case.
However, Gigi also believes that the Bitcoin network will be used for authentication and identification processes because all you need is your private key to sign a transaction and prove who you are. That technology already exists, for example, with LNURL on the Lightning Network, where you can use your private key to confirm that you are you, Gigi explains.
You can also build digital identities on Bitcoin, which Microsoft has started to work on, for example. So Gigi expects more to come in these areas.