Bitcoin mining is the answer to all of the problems that fiat currency cause

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Bitcoin mining is the answer to all of the problems that fiat currency cause

Bitcoin's origin was founded as a libertarian cause, but the left should also embrace the assets.

Bitcoin was a prominent symbol of freedom from state control for its first decade of existence.

The cryptocurrency store-of-value was born out of an online community of cypherpunks, a group of idealistic computer scientists and cryptography enthusiasts. The aim of creating an internet-native currency is to avoid government censorship and control within the burgeoning world of cyberspace.

Although no one knows Satoshi Nakamoto's true identity, the Bitcoin creator was almost certainly a cypherpunk, and they frequently corresponded via email with the other cypherpunks. It is not an exaggeration to say Bitcoin would not have been created if there was no right-wing libertarian ideology.

The period following Bitcoin's creation was far and wide, from those early cypherpunks. The Bitcoin Standard published the modern explanation of the what, how, and why of Bitcoin in 2018, by economist Saifedean Ammous, The Bitcoin Standard. In his book, Ammous explains the numerous problems with government-imposed money, such as fiat currency, and that Bitcoin is the free-market solution to all of the problems that fiat currencies cause.

Bitcoin is a libertarian technology, one that significantly limits the Leviathan state, fortifies private residences, and empowers the individual, for Ammous and his numerous followers.

The liberal libertarian arguments are well-known, as is the case with right-wing libertarians. But these are not the only pro-Bitcoin arguments. In recent months, left-wing debates have surfaced for Bitcoin, with new progressive views acknowledging Bitcoin's ability to achieve their political objectives.

Those progressive Bitcoiners argue that Bitcoin can achieve two fundamental left-wing goals: mitigating man-made climate change and empowering individuals in third-world nations who live under oppressive tyranny.

With respect to Bitcoin's potential to improve humanity's relationship with the environment, philosopher and Bitcoin Policy Institute Fellow Troy Cross, cleantech investor Daniel Batten, and political opponent Dennis Porter are working to explain the potential of Bitcoin mining to both the public and legislators, explaining that Bitcoin mining could be the key to a renewable future.

Professor Cross has spoken at a number of conferences and podcasts, making the case that man-made methane emissions is a more urgent climate emergency than we had previously thought and that Bitcoin mining is the answer. The mining industry is the only technology that can utilizecollocate where methane is produced, utilize methane at scale as its power source and operate during any time of day.

Daniel Batten has been an environmental activist for a long time and has supported Greenpeace for more than 40 years. He was initially skeptical of Bitcoin because mining used so much energy. Batten's credit was due to his own research and found that Bitcoin was actually a positive for the environment. Since then, he has written data-driven articles on the topic with appropriate confident titles like and.

Dennis Porter co-founded and chaired the Satoshi Action Fund, a non-profit educational organization dedicated to informing policymakers and regulatory agencies about the benefits of Bitcoin mining and how it can be used as a tool to support other public policy objectives. Porter has only recently come to terms with the idea that Bitcoin mining can enhance humanity's objectives at solving the climate crisis.

Before this realization, he may have had an easier time selling the benefits of Bitcoin to Republicans than to Democrats. But the burgeoning faction is helping Porter to 'orange-pill' left-wing politicians in power.

The Human Rights Foundation's Chief Strategie Officer, Alex Gladstein, published this year a compendium of essays titledCheck Your Financial Privilege: Inside the Global Bitcoin Revolution. The title is a clear nod to the left-wing slogan, 'Check your privilege', and one of Gladstein's messages is that most people do not enjoy the privilege of low inflation and a stable fiat currency. It would be difficult for a liberal to read the book and not recognize the role Bitcoin will play in furthering classic causes of the left.

The political party in the U.S. is responsible for financial regulation, and its influence is influenced by the political party in power. If Bitcoin pros want a clear, consistent, and long-lasting legal framework around Satoshi's invention, it is essential that Bitcoin appeals to both sides of the equation.

We have already seen glimpses of bipartisan efforts to integrate the Bitcoin economy into the legal order of the U.S. : This summer, Sen. Cynthia Lummis and Sen. Kirsten Gillibrand co-sponsored the Responsible Financial Innovation Act to establish a regulatory framework around digital assets. Although Bitcoin is likely to be released early this year, political attention on Bitcoin is bound to increase in the foreseeable future.

It is not enough for Republicans like Lummis, Sen. Ted Cruz and Rep. Thomas Massie to support Bitcoin. If the West will lead the way towards a future with Bitcoin as a global reserve asset, Democrats will also need Democrats' approval, too.

Bitcoin is a rare example of a revolutionary technology with genuine bipartisan appeal. Blockchain is an alternative economic system outside governmental power, which appeals to right-wingers.

And now, left-wingers are emerging to realize that Bitcoin empowers billions of citizens currently living under the thumb of tyrants, and that Bitcoin reduces the environmental impact of humanity's harmful impact on the environment.

We are in a period of political polarization. Bitcoin, as the saying goes, solves this.

Will Szamosszegi is the founder and CEO of Sazmining.