Really, it’s not.

I hear it all the time: it’s too late to buy Bitcoin! It seems that everybody thinks that because Bitcoin’s price is around $50,000 USD, they’ve missed the boat. While it’s true they might have missed part of the ride, it is certainly not “too late” to buy Bitcoin. In…


Bueno, esto escaló rápidamente.

En mayo, hablé con el omnipresente podcaster de Bitcoin, Peter McCormack, quien estaba en El Salvador siendo testigo de primera mano, no solo de la adopción de bitcoin como moneda transaccional dentro de las comunidades salvadoreñas, sino también de una proliferación significativa de Lightning Network, una…


Izalco, an active stratovolcano in El Salvador, with laser eyes.

Well, that escalated quickly.

Back in May, I chatted with ubiquitous bitcoin podcaster Peter McCormack while he was stationed in El Salvador, witnessing first-hand not only the adoption of bitcoin as a transactional currency within Salvadoran communities but also a full-blown proliferation of Lightning Network, an application that instantly settles…


Electric vehicle charging station: powered by coal

On February 8, 2021, Elon Musk and Tesla announced a $1.5 billion purchase of bitcoin as a diversification within its corporate treasury, and the crowd went absolutely wild. Bitcoin advocates, including myself, touted the move as an evolution in bitcoin adoption and a preview of a future in which every…


At last, my worlds have collided. No, not in the way they collided for social miscreant George Costanza, but rather in a beautiful and harmonious way. Software company MicroStrategy will soon issue a $400 million bond in order to purchase Bitcoin only weeks after it converted $250 million of its…


1. The Bitcoin Second Layer

Bitcoin’s antifragile protocol and its exponentially increasing network effects make it a behemoth, gradually swallowing up global economic activity. The latest of these network effects is a second layer protocol called Lightning Network, which uses bitcoin’s base layer protocol as its security. The concept of layered money is not new…


Abstract

I present a three part proposal for Lightning Network node operators. The first and most crucial part of the proposal is a node-level calculation standard for the accrual of satoshis. …


Bitcoin is digital gold, and this continues to be its most appropriate and concise metaphor. I recently discussed some parallels between gold and bitcoin in an article about layered money and Lightning Network. In this writing I’d like to focus on the storage analogy. The capital market of gold relies…


Verifiable NAVs via public key disclosure are essential for a symbiotic relationship between bitcoin and traditional financial institutions.

Financialization

Let’s get one thing straight before we dive into the financialization of bitcoin: bitcoin doesn’t need any ETFs or legacy custodians in order to survive. In fact, bitcoin thrives because it…


Bitcoin’s antifragile protocol and its exponentially increasing network effects make it a behemoth, gradually swallowing up global economic activity. The latest of these network effects is a second layer protocol called Lightning Network, which uses bitcoin’s base layer protocol as its…

Nik Bhatia

bitcoin-native financial theory, adjunct professor of finance and business economics @USCMarshall

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