Bitcoin Conference 2021: Highlights

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Last week, Miami hosted the Bitcoin 2021 event, the first major cryptocurrency conference since the start of the pandemic. CoinMetrics Founder Nick Carter shared the key messages and sentiments that prevailed among the attendees of the event.

Proof of reserve will become a reality. Carter himself considers proof of reserves to be the most important innovation for the industry, which will help increase confidence in cryptocurrency exchanges. The idea of ​​Proof of reserve is that services that accept users’ cryptocurrency for storage must publicly disclose information about the existing liabilities and assets used to secure these obligations. Thus, they will be able to prove their solvency;

States are joining the exploration of the bitcoin space. “Watch out for chronic bankruptcies from Eastern Europe and Latin America – they’ll be the first,” Carter recommends. It was announced at the conference that El Salvador is preparing to approve Bitcoin as legal tender;

Federalism will be an important support for Bitcoin. In other words, Carter expects the rules for dealing with digital currencies to become more uniform across the US and around the world, making it easier for crypto companies to operate. As long as regulation remains fragmented, industry actors often have to follow conflicting requirements;

The great migration of the hash rate from East to West began even before the latest problems for Chinese miners, but was significantly accelerated by them;

Miners are beginning to understand the problem of the perception they are creating for bitcoin and will be more active in disclosing energy consumption, using renewable sources and buying carbon credits;

Mining bitcoin from flared gas will be an important trend in the next decade. Its volumes are able to meet the needs of all computing power used in bitcoin;

The Bitcoin Lightning Network has reached critical mass and maturity. What seemed like a dream in 2017 works quite well today;

There is a growing understanding of the importance of paying attention to the value of Bitcoin to developing countries. A lot of work is being done to collect and disseminate relevant information;
Activating the Taproot update has almost gotten the support it needs from miners. The update plays a big role on the technical side, but more importantly, it demonstrates the ability of Bitcoin to update properly;

Most of the arguments against Bitcoin have been refuted. The issues of China’s impact, Tether and environmental impact remain, but they are becoming less significant every day;

Bitcoin has gained cultural significance. Athletes and celebrities see it as a way to show their advanced and technological savvy;

Bitcoin supporters are starting to get involved in political life. Much of Bitcoin’s long-standing problems are political, and bitcoin supporters are ready to face them.

 

“We had very interesting conversations with guys who are applying for government positions and are going to tap into the demographics of Bitcoin. More will be revealed soon, ”Carter writes.

 

According to him, despite several “inevitable moments of frustration,” the content of the conference was focused and largely free from hype statements. Overall, Bitcoin 2021 visitors were filled with enthusiasm and optimism.

 

“We are obviously moving towards a new stage of development and distribution, with our own challenges,” concludes the CoinMetrics founder.

 

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