For those of you who have had the previous pleasure of BTC Prague, you’ll know that the event is the church where the Bitcoin faithful come to rejoice. For the first-timer, this can be a little unnerving! Here’s a rundown of the best insights into Europe’s most significant Bitcoin event. The LondonLink team are here for the whole event, so please get in touch if you're here too.
Underwhelming Welcome
Day 1 is the industry event, where those working for Bitcoin businesses can enjoy the show before the public throng crashes the venue on Friday. Due to this deliberate throttling of attendees, Thursday morning's opening reception saw a modest turnout, with attendees offering polite applause to co-founders Martin and Maras Kuchar’s welcome.
Erik Cason followed the somewhat understated opening, emphasising Prague's pivotal role in the European Bitcoin landscape, noting that the first Bitcoin hardware wallet was created here, among many other Bitcoin firsts for Prague. Quoting anarchist Emma Goldman, he stated, “A revolution without dancing is not worth having,” underscoring the passion driving the Bitcoin movement. Cason’s own passion was not in short supply as he barked at his audience while marching the length of the stage, trying to rouse the sleepy crowd.
Bitcoin’s Role in Addressing Economic Issues
Cason used the formula "Problem + Passion + Purpose = Profit," stressing that inflationary trends make Bitcoin a viable solution to the problems created by fiat currency. He argued that Bitcoin should be enjoyable, revolutionary, and profitable, asserting that any company can integrate it into its business model.
In a session on Building Bitcoin Businesses, the panel examined the challenges present in the space. Marketing efforts are often limited, with regulatory constraints prohibiting traditional advertising channels. Companies also need help convincing non-crypto businesses to adopt Bitcoin due to regulatory restrictions and limited data for product development support.
However, there was brighter news on the horizon. Bitcoin is excelling in a range of different sectors, including incorporating Bitcoin into a Bulgarian football team! When Bitcoin is fully adopted, early data shows that Bitcoin customers are more loyal and of higher value.
Investment and Regulation
Raising capital in Bitcoin requires aligning with venture capitalists who share the Bitcoin philosophy, although pricing companies can be challenging. Due diligence on VCs is as crucial as the DD as they do on their prospects. An essential and obvious point is that all Businesses must provide value first, with Bitcoin integration as an added advantage. Entrepreneurs must remember to prioritise their business role before their activist stance.
Perspectives on Fiat Currency
Several sessions covered the perception of Fiat and its inherent flaws. Most people need to be convinced about Bitcoin at some point. But the same is not true of the vast majority’s inherent trust in fiat. We were never formally convinced of fiat; it was just the politically correct idea to believe in. Political correctness was a term first coined by the Russian Communist Party to explain what the party wanted citizens to believe in, reinforcing the revolutionary undertones of the first day.
The anti-government sentiment was strengthened by a recent revelation that the UK government financed World War I by borrowing the equivalent of an entire year’s GDP and covering it up in a conspiracy of “masterly manipulation.”
Inflation targets were also under the microscope, as speaker Allen Farrington explained how the Federal Reserve 2% figure is a made-up number that lacks any concrete evidence and, in fact, originated from a New Zealand politician’s off-the-cuff remark during a TV interview.
Day 1, done
Let’s see if the themes of passion and profit are as enthusiastically received tomorrow when the general population joins us.
Look on the blog and our social channels (LinkedIn, X) for live updates from BTC Prague 2024.
