First, 50. Then, 25. Eventually, 12.5. After that, 6.25. And now, 3.125. Four halvings later, we enter the fifth of 33 epochs of Bitcoin. The first 32 epochs, in Bitcoin-terms, last 210,000 blocks, with the 33rd lasting until the heat death of the universe. At 10 minutes per block, on average, that means just about…
“This letter is featured in Bitcoin Magazine’s “The Primary Issue”. Click here to subscribe now.” First things first, the primary function of Bitcoin is to remove the State’s special privilege of debt pardoning through monetary printing. Bitcoin is rules without rulers; a cypherpunk technology that empowers the individual with verifiable financial independence. A peer-to-peer bitcoin…