Beyond privacy, the ability for individuals to buy bitcoin with fiat and convert bitcoin into fiat is a big challenge. In the past few years we have seen an incredible increase in local liquidity, where it’s now fairly easy to buy or sell bitcoin in most major urban areas around the world, even inside dictatorships and countries in conflict. If you have bitcoin in Tehran, Beijing, Aleppo, Caracas, or even Gaza, with a bit of research you’ll be able to find someone who will sell you fiat in return. But this infrastructure needs to continue to improve if bitcoin is to live up to its true promise of a borderless, permissionless, censorship-resistant store of value and money for everyone, especially as governments increasingly crack down on exchanges and on- and off-ramps.



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