1 year ago

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SHOW NOTES:
https://www.whatbitcoindid.com/podcast/bitcoin-for-banking-failures

Parker Lewis is a Bitcoin writer and educator and Head of Business Development at Zaprite. In this interview, we discuss the 2023 North American Blockchain Summit in Fort Worth, the benefits and challenges of Bitcoin payments, and the potential of Bitcoin becoming a critical rail for global payments. We also talk about the risks of the traditional banking system, the urgency needed to fix the current monetary system, and how Bitcoin's fixed supply could potentially help.

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Wasabi - https://www.wasabiwallet.io/
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Unchained - https://unchained.com/
Orange Pill App - https://www.theorangepillapp.com/

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TIMESTAMPS:
00:00:00 21M; Bitcoin vs Banking
00:25:20 Logic of accepting BTC
00:49:01 Is BTC a hedge?; hyperinflation
01:10:20 Nostr & LN; Bitcoin’s resilience

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#Bitcoin #Finance #Economics

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“There are just a lot of signs written on the wall, all over the banking system…all over every central bank in the world, that says the situation where we’re at now is more precarious, and I can’t envision it becoming less precarious because they’re going to have to print more money then they ever have before.”
— Parker Lewis

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This is another podcast I have made in the shadow of the impressive North American Blockchain Summit 2023 in Fort Worth, Texas. It’s a great opportunity to catch up with some of the best minds within Bitcoin such as the amazing Parker Lewis!

We got quickly into the weeds of Bitcoin payments and the challenges of managing multiple lightning wallets for different purposes. Parker set out how the product he’s helping develop, Zaprite, aims to resolve this problem by providing a seamless payment experience, allowing funds to be directed to different lightning wallets or accounts. We also touched on the importance of creating a unified experience between fiat and Bitcoin payments to encourage adoption.

Our discussion delved into the risks and challenges associated with traditional banking systems and the importance of Bitcoin as a solution. The system needs resilience, which Bitcoin provides. Further, the speed and simplicity of Bitcoin stands in stark contrast to the inefficiencies and delays involved in traditional banking. Parker explained that Bitcoin also serves as insurance at an individual level for currency failure and as an insurance policy for businesses.

We explored the concept of the 21 million fixed supply of Bitcoin, and that by understanding why Bitcoin solves the problem of purchasing power, people can then understand how it can also solve other problems, such as the risk of banks failing, the fragility of the legacy payment system and providing an actual solution to inflation.

Parker believes there is an urgent need to fix the current monetary system, comparing it to a flood requiring immediate attention. He believes that those who understand Bitcoin should prioritise working on it rather than other projects. This podcast is therefore a call to arms for those who value the importance of Bitcoin in today's digital age. Bitcoin has the potential to not only revolutionise traditional banking but to save the monetary system as a whole.

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