The honey badger is notorious for its resilience and tenacity. Here are six reasons why this reputation applies to Bitcoin.
If Bitcoin were an animal, it would be the honey badger. The honey badger is notorious for its strength, resilience and tenacity. A honey badger having a bad day is known to aggressively intimidate lions and hyenas. Bee stings, snakebites, and porcupine quills rarely penetrate the skin of a honey badger.
Roger Ver, an early promoter in the Bitcoin world, paid $ 1,500 a month to have a billboard with a honey badger bitcoin advertisement along the Lawrence Expressway in Santa Clara saying “The Honey Badger of Money.”
But what the hell do honey badger tendencies have to do with bitcoin, digital money stored on the internet?
In the early years of Bitcoin, some miners tried unsuccessfully to attack and take over the Bitcoin blockchain network with a 51% hash attack. Governments have banned it, and Wall Street investors like Warren Buffet believe it is rat poison. Bitcoin, however, remains intact and unscathed from the constant bombardment of hackers’ attempts to suppress its market capital, like a honey badger harassed by bees, snakes or lions.
In the cryptocurrency space, Bitcoin is very similar to the 35 pound mammal, which is insensitive to pretty much anything thrown at it, including fear, uncertainty, and doubt (FUD). It deserves the name “The honey badger of money”. Bitcoin OGs are all too familiar with the honey badger memes and understand with conviction that the coin offering and its network are immutable and impenetrable.
For bitcoiners new to this field, this concept can still confuse you. So here are six reasons that explain why the honey badger is really Bitcoin’s power animal.
1. Fearless Currency
Bitcoin offers, among other things, a new technical solution to the problem of the Byzantine generals. Bitcoin is a disruptive technology. Bitcoin’s network and supporters are fearless in making Bitcoin the number one currency in the world.
Much like the honey badger, Bitcoin is brave in the fight against central banks and traditional assets used as a store of value like gold and stocks. Bitcoin won’t back down from anything that threatens its spread, not even governments. This will lead to a stalemate in currency regulation or a complete dematerialization of banks that will not link their treasury to Bitcoin in the future.
2. Globally distributed
Just as the internet was released to provide a web of information to the world, bitcoin is another layer of the internet that allows millions and soon billions to be their own banks and ultimately control their wealth. Bitcoin has a global reach that is distributed everywhere, not just one central location. Decentralized nodes secure transactions and leave the banks with little use, since Bitcoin users can book their funds themselves.
3. Transactions are super fast
Bitcoin transactions typically take anywhere from 10 minutes to 60 minutes to process. When you talk about moving large amounts of money around the world, these time restrictions are considered super fast.
The naysayers or altcoin believers will say that bitcoin is slow and a new lean cryptocurrency will eventually outperform it in transaction times. In my opinion, the idea that bitcoin is slow has no value when you zoom out and look at how long it takes for transfers to take place in the traditional banking system. Bitcoin is slowly and steadily winning the race. It’s about efficiency, and with innovation comes speed.
According to Divvy Pay, a well-known corporate credit card company, “international transfers can take 1 to 5 days. ACH transfers and other types of money transfers take 2-3 days. ”
In an emergency, minutes and hours can be crucial. Meanwhile, Bitcoin can send millions of dollars to anywhere in the world in about five minutes to 10 minutes with little fees depending on the network speed. The Lighting Network, Bitcoin’s most proven second layer for faster transactions, is fast – very fast.
Lightning currently has a maximum throughput of 25 million transactions per second (compared to an on-chain throughput of seven transactions per second). In conjunction with Taproot, this speed is said to increase rapidly as the network grows.
4. No regard for boundaries
Bitcoin enables one to live or earn wherever it suits them. Therefore, the restriction of money through borders is the last step of a crumbling nation-state. Thanks to the internet, people can bypass national borders. Bitcoin knows no borders and moves freely from peer to peer. These limits even describe the ranges outside of the earth. Yes, Bitcoin and space travel will be a reality in the future if they are successful.
Bitcoin’s hash center can be used beyond Earth and encompass the universe, as nodes can run anywhere, even in colonies outside the planet. The co-founder of Unchained Capital, Dhruv Bansal, wrote a brilliant article about quantitative hash rate mining on other planets in the series “Bitcoin Astronomy”.
The ideas go as far as a bitcoin hash war between Mars and Earth, hybrid blockchains, so-called time chains, and the future convergence of the earth to a hyperbitcoinized world. I guess the honey badger will be bound into space shortly. For science fiction fans, these are some cool things to think about.
5. Secure encryption: Nothing can stop Bitcoin
Gold is money you cannot print and Bitcoin is money you cannot corrupt. All transactions are public on the blockchain, but the encryption process is highly secure.
Bitcoin Core is an application based on the Bitcoin blockchain rails. The basis of the Bitcoin core encrypts its wallet using the method called Advanced Encryption Standard (AES). This is the same encryption algorithm used by the NSA for their secret information. AES is considered highly secure. Nothing can stop Bitcoin as its basic encryption principles are secure and immutable.
6. Bitcoin doesn’t give in a bit!
Governments want to tax Bitcoin. Do you think Bitcoin cares?
Any reasonable person who understands what this digital asset is would agree that it doesn’t. Bitcoin doesn’t give in a bit because it does what it wants. Even in the animal kingdom, the honey badger does pretty much anything it wants. The similarities between the two are eerie. Bitcoin has no emotions because it is a technology designed to facilitate peer-to-peer transactions, but people who believe in its potential do.
There is no Bitcoin CEO or Bitcoin headquarters to protest in front of, no one or nothing to point at whether it works or not. If it fails, it means in theory that we have all failed because it is based on consensus. Bitcoin has its own time preference, advancing and dematerializing relic value storage into the standard of Bitcoin. It is completely removed from the physical and social defects that societies dish out. It does not matter. It’s easy.
This is a guest post by Dawdu Amantanah. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.