In a daring display of support for the decentralized digital currency, bitcoin (BTC) proponents recently projected the bitcoin logo and the phrase “study bitcoin” on the European Central Bank (ECB) building in Frankfurt.
The apparent goal of this provocative campaign is to encourage people to learn more about cryptocurrency and its potential benefits.
The pseudonymous organizer behind the event, who goes by the moniker “Bitman,” provided a list of materials needed for anyone interested in replicating the demonstration. This move exemplifies the crypto community’s commitment to spreading awareness and promoting the adoption of bitcoin.
But what exactly is driving these enthusiasts to promote bitcoin over traditional fiat currency? There are several key reasons why cryptocurrency proponents believe it to be superior.
In 1971, US President Richard Nixon announced the end of the gold standard, which pegged the U.S. dollar to the value of gold. This decision led to the creation of fiat currencies, which are not backed by any physical commodity. Since then, central banks worldwide have been able to create money by issuing a new currency, leading to concerns about inflation and the devaluation of money.
With no intrinsic value backing fiat currencies, they are vulnerable to inflation, eroding money’s purchasing power over time. In contrast, bitcoin has a fixed supply of 21 million coins, making it a deflationary currency by design. This limited supply is intended to preserve the value of the currency and protect it from the inflationary pressures experienced by fiat currencies.
Traditional banks operate under a system known as fractional reserve banking, which allows them to lend out more money than they have in reserves. This practice can lead to financial instability and has been blamed for contributing to economic crises. Bitcoin’s decentralized nature eliminates the need for a central authority, like a bank, thus reducing the risk of financial crises caused by fractional reserve banking.
To further highlight the reasoning behind the world’s first digital currency, bitcoin’s creator Satoshi Nakamoto, embedded a message in the first-ever mined block, known as the genesis block. The message reads:
“The Times 03/Jan/2009 Chancellor on the brink of the second bailout for banks.”
This headline from The Times newspaper showcases the fragility of the traditional banking system and underscores bitcoin’s core philosophy: to create a decentralized and more stable financial system.
By projecting the bitcoin logo and the phrase “study bitcoin” on the ECB building, these activists are challenging the dominance of traditional financial institutions and urging people to explore alternatives. This awareness campaign serves as a call to action for individuals to educate themselves about the potential advantages of bitcoin over traditional fiat currencies.
In a dedicated Twitter thread, one of the pseudonymous organizers behind the event provides a list of the items necessary to replicate the feat for anyone interested in it.