In ten years since the publication of the Bitcoin White Book, our understanding of the world around us has changed.
The introduction of a worldwide digital currency that may exist without the central government has opened our eyes to the opportunities offered by the currency - to be different from what we knew. As a community, we are now aware of the opportunities provided by the digital economy, and we have discovered what it means to act as a private bank - and this is an incredible release.
It is also essential that this change took place only in ten years.
I admit I read the white paper for the first time; I was skeptical. Some of the problems mentioned, such as duplicate costs, were not among the problems that had to be solved earlier. A complex mining labyrinth, nodes, group awards and evidence of work have made the network unbelievable.
For the second time I read it, I was interested. Can this complex network really deal with global transactions?
For the third time I knew that bitcoin was worth the effort and here's why:
1. Bitcoin opened its eyes to the fact that we can change money
Most people never think, "What's the money?" or "what makes good money?" At school we are taught that monetary systems have evolved from some unacceptable trading, but why? How? Can the shape of digital money be better?
Like many others, I first examined these questions after reading about Bitcoin. The answer is absolutely that: we can create a better form of currency.
2. The first significant numeric mark
The White Paper has marked the introduction of autonomy and freedom of oversight over their property. With Bitcoin, your money is really your money.
3. Timestamping of digital data
Bitcoin's dual-use problem has gone offline; solves the virtual world problem by providing a unique feature of any data element. By publishing certified transaction logs in a public library, it is impossible to copy the money. The same technology is promising in many other applications.
4. Keys and Locks
The use of cryptocurrency keys and locks gives us the best personal security measures we have ever had for digital assets - they are inviolable.
A random number of 256 bits (or "private key") is greater than any physical key. Those keys are so good that I no longer need stronger keys or locks. The problem is to provide users with interfaces that are good enough to easily and safely manage their keys.
Imagine UI / UX will be essential in improving this issue, while BitGo's multiple signing keys make it easy to solve the problem.
5. ICP 2.0
Bitcoin has introduced one of the first major and significant Public Key Infrastructure Applications (PKIs), using it to authenticate user identities and facilitate transactions. PKI has been since the 1970s, but before Bitcoin, the only noticeable application has probably provided domain names with HTTPS (also known as SSL or TLS).
6. There are no third party requests
History shows us that third-party systems often fail.
Satoshi acknowledged this by developing a consensus protocol that is pressing the digital currency system of problematic and expensive third parties. So-called. Reliable intermediaries create a counterparty risk for users; they are used for transactions but offer the possibility of failure.
Credit cards are one example: they risk us and then charge a transaction fee to cover that risk. Bitcoin has removed the need for these organizations.
7. Combating Artificial Inflation
Inflation is mainly caused by overprinting money. Bitcoin's fixed offer eliminates the power of central government printing and places it in the hands of computers as a metronome - money can no longer be controlled or broken.
People have historically smashed all the savings we have made, but is it possible to give good sets of rules on computers to prevent it? I think so.
8. Money for the Global Economy
Crypto valence is a new kind of trade; we have never had the form of money that can easily be moved between boundaries.
Bitcoin offers us a new way of connecting between jurisdictions, opening up new economies. This is significant at BitGo, where we serve customers in over 50 countries, and many are moving to Bitcoin.
9. Power to the individual
Bitcoin gives full freedom of choice. Access and use are democratized so that everyone can participate.
By introducing a better monetary system Bitcoin has pointed out that it is not right with our existing banking system. The global movement, identity verification, and money exchangeability are now the problems of the past.
10. Computers follow the rules
The White Paper outlined Bitcoin's long-term ability to save us from ourselves. People make mistakes, and although it's a constant, we can not prepare for it. We're also always bad at tracking rules while the computers stand out. An open set of computer rules is a stable economic system that is not vulnerable to human error.
With this new transformation currency, there was a need for safe and secure storage. So BitGo has become; I was making Bitcoin for her friends on the laptop under the insulated sofa in the living room. But since I owned Bitcoin, I realized more than a sophisticated solution would be needed to keep it safe. This has led to the development of BitGo multi-purpose protocols and advanced multi-user protocols, followed by advanced security policies,
If you told me 2012 when I read the white paper, I would hold millions of dollars worth of bitcoins on my laptop, that would bring a security solution to the billions of dollars of digital assets in the world. The whole world, I do not know if it could have imagined it.
Ten years following the release of the Bitcoin White Book, our world has changed inexhaustible - but that's just the beginning.