The debate over scaling bitcoin self-custody versus ossification has been a hot topic in 2024, with arguments on both sides presenting compelling points. The pro-change camp advocates for increasing transaction throughput without burdening nodes, while the ossification stance argues that the current protocol works and any changes could introduce unacceptable risks.
However, a new perspective has emerged, suggesting that NOT scaling bitcoin also puts the monetary properties of the cryptocurrency at risk. The article discusses the importance of scaling sovereign usage of bitcoin to protect its monetary properties. By increasing the number of users who actively monitor the blockchain and make economic decisions based on their findings, the integrity of the consensus rules can be preserved.
The analogy of gold being captured by paper gold is used to illustrate the potential risks of relying on third parties for verification. Just as gold holders may unknowingly be swindled by unscrupulous actors, bitcoin users who do not actively monitor the blockchain may be vulnerable to manipulation.
The article emphasizes the importance of individual sovereignty and control over one’s funds in order to protect the monetary properties of bitcoin. By encouraging widespread adoption of self-custody and node operation, the cryptocurrency community can create a distributed network of interests that safeguards against potential threats.
In conclusion, the article argues that scaling bitcoin is not just about increasing transaction capacity, but about enhancing the defense mechanisms that protect the integrity of the cryptocurrency. By empowering users to take control of their own funds and actively participate in the network, bitcoin can continue to thrive and fulfill its potential as a revolutionary form of sound money.
