Bitcoin Needs More Debates

Catchy title, I know, but today I want to talk about a couple of misconceptions in the Bitcoin community.

Joël here! 👋

It doesn’t matter if it’s a poorly researched news article or some of the idiot takes on X by big accounts.

They all have one thing in common: They ignore pushback and live in their bubble. Or even worse, they think they know it all and choose to ignore valid criticism.

Because guess what? There is always room for improvement, and we should have more debates about these topics. The more you discuss these issues, the better for the network and, in the end, adoption.

What Are the issues?

There are many topics I could focus on, but instead, I want to focus on the following three mainly because they lie close to my heart:

• Venture capital in Bitcoin

• The media’s position in Bitcoin

• Discussions between techies and everyday users

To simplify the article a bit, I’ll explain my take and ideas on each topic individually. Also, remember, these are all my opinions. If you have something to say, don’t hesitate to comment below.

Estimated reading time: 5 minutes 28 seconds

Venture Capital in Bitcoin

Let’s start with the biggest one right away. This topic is often discussed in the Bitcoin community, mainly on X.

Many Bitcoiners have the opinion online that outside influence and investors are a terrible thing for Bitcoin startups. They have a fiat mindset, are only in it for the gains, and don’t actually care.

As someone who has worked in and with startups for the past ten years, as well as someone who’s currently employed at such a startup, I’m here to tell you this is utter bullshit.

For some weird reason, taking on the risk and giving away parts of your company to grow faster is a no-go for Bitcoiners.

Maybe it’s because VCs in the past have fucked up big time, think of all the idiots who invested in Ponzi’s like FTX, or it’s because they believe investors can determine the future of the company.

If you’re one of these guys, here’s a little tip. Just because someone invests in your company doesn’t mean they ultimately give it away. Most VCs get in early because they also have a duty towards their LPs and want the company to succeed.

Furthermore, unless they’re a lead investor, they only own 1% and 5% of the company's shares. The more investment rounds the company has, the more these shares dilute, leaving the company's owners in total control.

It looks slightly different with a lead investor, who has anywhere between 12% and 18%. These investors or advisors often have board seats and are eager for the company to succeed. They also stick with the company long term.

In the end, all of them want the company to succeed. Plus, if they propose stupid ideas, the company and its owners are in total control to push back, which is mostly the case.

VCs are there to help the company grow faster in the early days. Especially if you’re eager to have more Bitcoin-only companies, you should support this growth. Even more so if a Bitcoin-only VC shares the same goal.

The Media’s Position in Bitcoin

This is a big one. We constantly read bad articles, often with new research at all, and think the media hates Bitcoin.

I do not doubt that some outlets do, in fact, hate it. However, that’s mostly down to their own bias. To say it lightly, these are primarily left-leaning outlets whose own worldview goes against what Bitcoin stands for.

However, there are also good journalists and media outlets eager to learn about and research the topic in detail. These journalists are rare, though.

Back to the main point I want to address here. Most Bitcoiners immediately think the media hates us. They have some bias either way. But we Bitcoiners are not better!

If you read a Bitcoin-only outlet, most of them are also eager to convince the reader, mostly Bitcoiners as well, of their view. Very rarely do you read a piece about Bitcoin from such an outlet that’s critical.

In fact, they often try to convince people to double down, commit full-time, and only listen to their opinions. In the current state of the world, and frankly, also the network, this is all the media articles are currently: Opinions.

We should do better to educate and reach out to journalists. Instead of being the angry mob online, there should be a debate with them. As someone who speaks to many of them daily, I find it hard to do too.

But if you show them the missing link and explain why they need to dig deeper, you can also help the network or adoption in the long run.

Discussions Between Techies and Everyday Users

This is a big one I often see online. Too many of our debates are focused on technology.

For everyday users, owning Bitcoin in self-custody is difficult. They’re not used to owning their assets outright; in fact, they want a trusted third party.

If we confuse them with nonsense or too many technical details, we end up shocking them and push them away.

Instead, we should focus on improving the experience and interfaces with which they interact. This will be an ongoing struggle, and many different approaches will be taken.

Similar to the approach we should focus on with journalists, we should also double down and talk to users, listen to what they want improved, and develop new methods of getting this done.

This is already visible in the ease of use of many services or apps. We at Relai try our best to do the same. I know that we can fast-track this if we don’t shy away from talking with users repeatedly.

So, What’s the Take? How Do We Get it Done?

You may notice that all my points lead to the same outcome: Talk to the other side, be a helping hand, and never stop explaining the subject matter in simple terms.

A great way of doing this is through online content, such as what I do with my work or blog here. Another great resource is in-person events. Where we host workshops, go to a restaurant where you can pay with sats, or comment below a faulty article.

The more open we are to such debates, and when we do, please don’t be the annoying Bitcoin prick; the easier the transition will be for all of us.

Because that’s what we want in the end! We want to get as many people on board as possible and show them Bitcoin's advantages over everything else.

With that in mind, if you have comments to share or want to know more, reach out. I’m happy to arrange a call or chat back and forth.

I look forward to the exchange!