Could the dream of bitcoiners be coming true? It may well be. Since, the company Synonym has published a Youtube video in which we can see the speaker transferring USDT on the Lightning Network.
Bitcoin “a nerd thing”
If you are new to the world of cryptocurrencies, you have probably heard of Bitcoin and its eponymous token. It may even be the first cryptocurrency you acquired.
For the record, you should know that Bitcoin came straight from the brain of an individual or a group of anonymous individuals, known as Satoshi Nakamoto. This project will be officially unveiled on October 31, 2008 to a list of cypherpunks.
The cypherpunks originated from a movement of people proactively using cryptography in an effort to protect their anonymity and privacy. However, this movement played a role in the development of Bitcoin, since their work partly contributed to this creation. Beyond their supposed contribution, it is also about philosophy.
As we said before: cypherpunks advocate privacy and anonymity on the internet. Bitcoin therefore represents a form of completion for this community, since it involves transferring value anonymously on the internet, in a totally decentralized way.
That is to say, your account is not linked to your personal information and you do not need a trusted third party to validate your transaction, as may be the case with banks.
But then what is the relationship with the USDT?
From transfer of value, to safe haven
Certainly attempts have been made, notably on May 29, 2010, when a member of the BitcoinTalk forum published the following message:
“I agree to pay 10,000 bitcoins for pizzas, say two large pizzas, so I have some left over for the next day. I like to have leftover pizza for later. You can make the pizzas yourself and bring them to me, or order them for me from a shop. What I want is simply to have food delivered to me in exchange for bitcoins (…) If you are interested, let me know so that we can agree. »
Laszlo Hanyecz
This was the first transaction made in bitcoins. So certainly, it was more of an arrangement between two members of the forum. But Laszlo Hanyecz had managed to find someone who agreed to be paid in bitcoins in exchange for a few dollars (the pizza was paid for in dollars). What is the definition of a currency: a means of exchange, namely a means of payment having a value, reliable in the eyes of all.
So let’s calm down, this seemed more like a stammering than anything else, but it was already a good start that followed other events such as: Julian Assange, Silk Road, etc…
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But several problems began to arise: bitcoin has long suffered from bad publicity, which equated it with the money of dealers, the Deep Web and dirty money.
Things ended up moving in the right direction, but contrary to expectations, bitcoin has seen its use evolve over time.
Because as bitcoin grew in popularity, your nephew started asking you to buy bitcoins from him. The status of bitcoin, which was that of digital currency, has gradually transformed into a store of value.
And one of the most egregious cases was that of Cyprus in 2013, when its citizens began to fall back on bitcoin to preserve their savings. Because the country was hit hard by an economic crisis.
But this only partly explains the reason for this transformation. Because the network serves as a transfer of value, but would be more like armored vans transferring ingots than a means of payment such as SWIFT, because of the time it takes to finalize a transaction and the resulting costs.
Lightning never strikes the same place twice
Then in 2021 came the second layer of Bitcoin: Lightning Network. This Layer 2 has made it possible to greatly improve the time it takes to finalize a transaction and to drastically reduce the resulting costs.
So that’s it Bitcoin is a currency?
Well, it’s not as simple as that. Because if we keep our basic premise, which was that you may be a newcomer to the world of cryptocurrencies. You probably landed here out of greed and the desire for a quick buck. Don’t be ashamed of it, we too have had this bias.
The problem, and it is often blamed for it, is that Bitcoin is very volatile. This makes it considered a financial asset or a store of value rather than a currency.
So ! And we finally get there. The arrival of USDT, although it may make the most maximalist among us jump out of their chairs, could well be a solution for the Bitcoin network to become a means of payment equivalent to the Swift network for example.
Because the USDT is indexed to the dollar, but also because the second layer Lightning Network solution allows almost instantaneous transfers at a lower cost, and this in a totally decentralized way!
No need to call your bad-mouthed bank adviser to ask him to raise your credit card limit, because this week your expenses have increased spontaneously. You are sovereign of your money, with the advantages and disadvantages that this entails.
But then we will not pay our coffee in bitcoin?
So, there can be different options: for now, El Salvador is experimenting with Bitcoin as legal tender in its country. We do not have enough hindsight to have an informed opinion. But it still made it possible to bank several million individuals. No need to type 2 hours of journey to settle his taxes for example.
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However, if Bitcoin knows the fate we wish for it: that is to say, to reach stratospheric values. Will the total capitalization of Bitcoin become, only to move its course. It will be necessary to buy or sell such enormous quantities of it, that it will deter many people from doing so.
At that point Bitcoin will become a kind of stablecoin. That is, it will experience some slight price fluctuations, as we can see on fiat currencies. But will not lead to significant capital losses of its users.
Unless Bitcoin continues this momentum and keeps its safe haven status and becomes the equivalent of gold, but in digital format. While other networks like Ethereum for example will become a digital payment solution.
Anyway, it’s still a bit early to make up your mind. But the arrival of USDT and payments in this currency could have a very positive impact for countries that have adopted Bitcoin as a payment solution, such as El Salvador for example. If this ends up becoming the norm, it is bound to have a very positive impact on the price of bitcoin. Yes, we know you thought about it, bunch of vile speculators!
So in 10 years will we be paying everything in bitcoins, laughing at the time when the ECB was struggling to regulate cryptocurrencies? Unless all this has already been planned and it is a vast conspiracy… We will learn that Satoshi Nakamoto was none other than Elon Musk, who had fomented a Machiavellian scenario to establish the hegemony of the dollar in the world, making it THE universal currency of a dystopian world that we will all possess?
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