What If Bitcoin Isn’t ‘The One?’

Source: Crypto Blox ResearchWhen we survey the various crypto projects around the world, we see a petri dish of exciting innovation.The world’s brightest minds working on the most challenging problems in computer science, game theory and economics.All in a quest to solve a problem that had stumped the world for thousands of years — how to minimise the role of third parties in human transactions.Satoshi Nakamoto wrote in the seminal Bitcoin white paper:‘Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments…Completely non-reversible transactions are not really possible since financial institutions cannot avoid mediating disputes…With the possibility of reversal, the need for trust spreads… A certain percentage of fraud is accepted as unavoidable.These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.’[RD1]The Bitcoin [BTC] system was the first answer to this problem.But by no means the last…Since 2009 thousands of crypto projects have sprung up promising to improve upon Bitcoins’ groundbreaking concept. Most have failed miserably. But some are showing great promise.And it begs the question: What if Bitcoin isn’t the one to bring crypto to the masses?Let’s explore that possibility for a moment…Watch What They DoA lot of people tell you cryptocurrency is a fraud…Not just any people, either. The most well-known financial personalities of our time have been telling you this for years.And yet they’ve all been staggeringly wrong.Check out this tweet:What If Bitcoin Isn’t ‘The One?’ was originally published in ALTCOIN MAGAZINE on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: Ryan @ Crypto Blox

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