Thread by @InterstellarBit

How #Bitcoin stacks up to other countries

A thread 🧵

“What is a country?”

A country is just an abstract idea.

A positive sum game, where a group of people choose to live and work together, with similar values, to create something bigger than themselves.

Let’s imagine for a second #Bitcoin is a country.

How does it compare?

First, a 10,000 foot view:

The US empire is collapsing. A massive power vacuum is opening up. Who will fill it?

#Bitcoin

A rising global superpower, monetary network and cultural phenomenon.

Everywhere and nowhere. Open source. Decentralisatized. Peer-to-Peer.

Let’s dive in

Founding.

#Bitcoin was founded on the 3rd January 2009 (13 years ago).

This makes Bitcoin the 2nd youngest country in the world.

The youngest, South Sudan 🇸🇸 , only acquired sovereignty on the 9th July 2011!

Population.

There are approximately 106 million Bitcoin owners.

This makes #Bitcoin the 14th largest country by population size.

Larger:

China, India, USA, Indonesia, Pakistan, Nigeria, Brazil, Bangladesh, Russia, Mexico, Japan, Ethiopia, Phillipines

Area.

According to @port8333, there are 14,516 full nodes in the Bitcoin network. @LukeDashjr estimate is 44,045.

Hosting Countries:

1. n/a 51.71%
2. USA 🇺🇸 13.23%
3. Germany 🇩🇪 67%
4. France 🇫🇷 3.15%
5. Canada 🇨🇦 2.09%
6. Finland 🇫🇮 1.62%
8. UK 🇬🇧 1.56%
9. Russia 🇷🇺 1.27%

Inflation.

#Bitcoin’s inflation rate is currently ~1.701%, on track to a terminal inflation rate of 0 by 2140.

This makes Bitcoin the fifth country, ranked by lowest inflation

1. Benin 🇧🇯 -2.6%
2. Gabon 🇬🇦 1.2%
3. Macau 🇲🇴 1.32%
4. Afghanistan 🇦🇫 1.56%

tradingeconomics.com/country-list/i…

Wealth.

#Bitcoin’s market cap is $465 Billion. A proxy for total “wealth” of Bitcoiners.

This makes Bitcoin relatively upper-middle income, at 51st, about 0.12% of total global wealth, just behind Colombia 🇨🇴

For comparison, the US 🇺🇸 is about 261x times richer!

Military Spending.

Bitcoin miners were paid $15.3 Billion by the network in fees and block subsidy (inflation).

This makes Bitcoin military spending relatively high, at 19th biggest, just behind Turkey 🇹🇷.

The US spends about 52x more on military spending per year

Military Spending (per capita)

Bitcoin spends about $144.33 per user, on par with Bulgaria 🇧🇬

For comparison, the US 🇺🇸 spends $2256 per capita, about ~16x more

Electricity Usage.

Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production.

This makes #Bitcoin’s energy usage about 33rd in the world. On par with Netherlands 🇳🇱

China 🇨🇳 uses about 75x more energy.

Electricity Usage (per capita).

Bitcoin uses about 1037 kWh per capita.

This would means Bitcoin per capita energy usage is 147th highest in the world, on par with Gabon 🇬🇦 and Jamaica 🇯🇲

Iceland 🇮🇸, uses about 49x more energy per capita.

Official Users.

Bitcoin is only legal tender in two countries; El Salvador 🇸🇻 and The Central African Republic 🇨🇫

Expect a growing number of developing countries to adopt Bitcoin.

Law.

Code is law. Bitcoin full nodes enforce the constitution. Cryptography replaces courts. Proof-of-Work effectuates this by replacing violence.

Above all else, Bitcoin enforces property rights.

Government.

No central authority. Bitcoin is ruled by the users. Bitcoin is not democratic nor pure anarchy, but something completely new.

Bitcoin protects the smallest minority, the individual.

Everyone must opt in. The rules are fixed and hard to change. Upgrades are slow.

Monetary Policy.

Sound money with a fixed, auditable supply.

21,000,000 coins. No more. Many less. No terminal inflation. No money printing. No insiders.

Fiscal Policy.

No taxes. No social spending. No government programs. No insiders.

Pay a minimum of 1sat/Vb to be included in the next block on the time chain.

Anyone can compete in the hyper-capitalist global Bitcoin mining industry. Anyone can contribute OSS, words, or ideas

Social Policy.

Freedom. Sound economics. Property rights.

In my personal opinion, Bitcoin makes you more conservative, but at the end of the day, people are free to do whatever they want. That’s a good thing.

https://twitter.com/InterstellarBit/status/1541045802461581312

National Language.

Bitcoin Core is written in C++. Full nodes communicate over the internet via TCP/IP.

To speak, is to broadcast a transaction to the network. A public key is a voicebox, a private key is free will.

The Bitcoin mempool is the forum, and nothing is unspeakable.

Religion.

Maximalism. Code is Law. Whitepaper is gospel. Satoshi is prophet.

Scripture verses:
“Not your keys, not your coins”
“Don’t trust, verify”
“Vires in Numeris”

Anything that isn’t Bitcoin, is a scam.

bitcoinmagazine.com/culture/can-we…

Colloquialisms.

“Nocoiner” — Someone who owns no Bitcoin

“HODL” — Hold On For Dear Life

“FUD” — Fear, Uncertainty and Doubt; used to describe dumb news spread about Bitcoin

“HFSP” - Have Fun Staying Poor, used when nocoiners spread FUD

National Anthem.

Pump It Up

10 hour loop by @DrBitcoinMD :

In summary, on many metrics, #Bitcoin is a small fish, barely registering on the charts, whereas on others we are already competing against G20 countries.

Luckily, Bitcoin’s unique properties make it effectively impossible to stop.

Tick tock, next block.

https://twitter.com/interstellarbit/status/1556229218790703104

tldr;

If #Bitcoin was a country it would

have 14th largest population,
spend the 19th most on military,
use the 32nd most energy,
have the 4th lowest inflation,
be the 51st wealthiest,
respect private property,
have no formal government,
and have the catchiest national anthem

We have a long way to go to become the global superpower that #Bitcoin is destined to become:

The largest, wealthiest, most prosperous, safest and freest “country” on earth, and one day beyond