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The Strategic Bitcoin Reserve Executive Order signed by President Trump is a massive step forward for bitcoin. The fact that the Trump Administration has created a clear delineation between bitcoin and crypto, signaled that it views bitcoin as an asset worth holding in the long-term and is exploring ways to acquire more in a way that doesn't cost taxpayers money is simply incredible to see. You may have your personal views on whether or not the government should hold bitcoin at all or if the government getting into bitcoin poses a long-term threat to the network, but you have to enjoy the wins when you get them. And this is a massive win. Bitcoin has been validated as a legitimate reserve asset by the US government.
With all of that being said, don't get complacent. There is still a lot to be done to make bitcoin more accessible, useful and intuitive to more people who are in desperate need of better money whether they recognize it or not. The tools that are necessary to ensure that individuals the world over can use bitcoin in a self-sovereign, secure and private fashion have a lot of room for improvement and many of them don't even exist yet.
Now isn't a time to rest on our laurels and gloat about a strategic reserve victory. Certainly take some time to bask in the enjoyment of the monumental achievement for bitcoin; a distributed peer-to-peer cash system launched by a pseudonymous developer in January 2009. However, there are many battles that lie ahead in the realm of private bitcoin usage, making sure the government isn't incentivized to seize bitcoin because of the way the EO was worded, and injecting bitcoin into as many facets of people's everyday financial lives as possible.
Bitcoin is winning, but the game isn't over.
As I discussed with Matt McClintock on our recent episode, the relationship between our broken monetary system and complex tax structure is undeniable. Our current tax policies—from income to estate taxes—stem directly from the fiat system's need to fund endless welfare programs and government spending. I believe Bitcoin offers a solution by potentially becoming a reserve asset first, then eventually a global reserve currency.
"Ever since we got off of the gold standard fully in 1971, we've been just drunk on the euphoria of being able to play these monetary games with a truly fiat system. That is addictive not just for government, but for the people that rely on that government, thus the subsidies, thus the handouts." - Matt McClintock
The fundamental issue, which I emphasized during our conversation, is that fiat money requires governments to create handouts because "the money's broken." Our debt-based system necessitates complex taxation to sustain itself. Bitcoin's fixed supply and sound money principles could eventually eliminate the need for many welfare programs, leading to simpler, more sensible tax policies as we transition away from our debt-driven economy.
TLDR: Bitcoin could fix our tax system by fixing our money first
Check out the full podcast here for more on estate planning for Bitcoiners, multi-jurisdictional wealth strategies, and Bitcoin's trillion-dollar milestone.
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The memory pool (mempool) is a temporary waiting area for unconfirmed Bitcoin transactions before they get mined into the blockchain. Each node maintains its own mempool in RAM, with default settings of 300MB maximum size and a 2-week expiration time.
Transactions enter the mempool when directly inserted into a node, received from other nodes, or after a chain reorganization. They exit when mined into a block, replaced by higher-fee transactions, evicted due to time/size limits, or when conflicting transactions get mined.
The mempool serves as a sorting mechanism to prevent conflicting transactions (those spending the same bitcoins) from being written to the blockchain. Transactions include metadata about descendants (child transactions) and ancestors (parent transactions), which helps determine mining priority through ancestor and descendant feerates.
Only valid transactions with fees of at least 1 sat/byte (by default) are accepted into the mempool.
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