That is an opinion editorial by Ray Youssef, a founder and CEO of Paxful and a founding father of the Constructed With Bitcoin Basis.
Bitcoin has had a defining yr in 2022 and, as I look again, I couldn’t be extra excited for 2023. We’re at a turning level. It’s clear that Bitcoin is beginning to minimize the lifeless weight of hypothesis. All eyes are on us and it’s our duty to teach folks and governments about why Bitcoin has real-life use circumstances that may enable cash to circulate freely and embrace billions extra into the worldwide economic system. I’m able to onboard the subsequent billion Bitcoiners.
Listed here are my 2022 takeaways and predictions for 2023:
The World South Will Proceed To Lead Bitcoin Adoption
I simply got here again from the Africa Bitcoin Conference in Ghana — an inspirational occasion bringing collectively pan-Africa and worldwide leaders to speak about Bitcoin’s objective over its worth (thanks Farida Nabourema!). As a legacy for the occasion, our workforce at the Built With Bitcoin Foundation opened the Bitcoin Technology Center (BTC), a learning and training center in Kumasi, Ghana — which is ready to teach 400 folks in its first yr.
This journey reenergized my hope for the long run. Even in a bear market, commerce quantity in Africa continues to press ahead. our quantity on Paxful, we predict additional will increase in each Ghana and Nigeria for 2023. Why? We’re nonetheless seeing progress in Africa due to the need for Bitcoin on the continent — it affords a less expensive and extra environment friendly answer for folks to ship a reimbursement residence, make funds and protect their wealth. And that doesn’t go away due to market circumstances. I count on Africa to proceed to paved the way heading into the subsequent yr.
The Divide Between Bitcoin And The Relaxation Will Develop
Bitcoin is backed by human work and has confirmed its utility past the West’s obsession with hypothesis. It has the flexibility to financial institution the unbanked and eventually shift the tides of financial apartheid — Bitcoin’s impression can’t be overstated. The majority of “cryptos” are for wild hypothesis and investing, counting on the morals of those shady authorities.
As we’ve seen with FTX, folks’s life financial savings will be demolished when there may be solely a single level of failure. This narrative is identical sport the banks have been operating for hundreds of years. I’m not shopping for it. Subsequent yr, we are going to see extra Bitcoin-only firms and conferences because the Bitcoin group works to scrub up the mess of misinformation brought on by these dangerous actors.
Governments Want A Rethink
Good regulation fosters security, however poor- or overregulation stifles innovation and progress. We have to strike a stability and that comes with schooling. My hope for subsequent yr is that extra Bitcoin firms come collectively to share why Bitcoin can’t and shouldn’t be regulated as you’ll, for instance, shares or wheat futures.
It’s our duty to additionally advocate for transparency — like requiring firms to share their proof of reserves. With out this, we’re going to see extra far-reaching regulation just like the Digital Asset Anti-Money Laundering Act, which pegs extra shopper surveillance because the savior and touts Western Union for instance to guide the trade. We all know how that narrative will play out…
‘Not Your Keys, Not Your Cash’ Will Get Louder
The belief of the folks was examined this yr and I don’t blame them for shying away. Life financial savings had been destroyed due to despicable morals and we have to earn again that belief. Because of this I advocate for decentralization and for customers to self custody their financial savings.
Utilizing a non-custodial pockets implies that customers are their very own banks, managing their very own cash and controlling the way forward for their very own funds. In 2023, we’ll see extra of a story and product push round self custody. I’m already doing my half to amplify this message, together with sharing a step-by-step process on how one can self custody your bitcoin.
Bear Markets Will Construct A Stronger Trade
I’m a pure builder and I’ve gone again to my roots this yr. I’ve come to understand that we aren’t constructing merchandise for a way folks stay their every day lives within the World South. There may be an excessive amount of concentrate on the unrealistic dream of minting millionaires and never sufficient across the ache factors that retains billions of individuals enclosed in financial apartheid. Subsequent yr, you will notice extra merchandise that cater to the true wants of on a regular basis folks and supply them options for remittance, funds, e-commerce, wealth preservation and primary communication.
Bitcoiners, 2023 is wanting brighter than ever. That is the best way!
This can be a visitor submit by Ray Youssef. Opinions expressed are solely their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.