BitcoinSpotlight

Future of Bitcoin: According to People Cited in its Whitepaper

As the market is very active nowadays, bitcoin price and market sentiment have attracted the attention of investors. Apart from the crypto market, the launch of Libra, Facebook’s crypto project, has also attracted the focus of many. However, another notable incident worthy of taking crypto enthusiasts’ attention is the conference in San Francisco where two individuals, who were cited in bitcoin’s whitepaper by the creator of bitcoin Satoshi Nakamoto, shared a stage.

One of them was the CEO of Blockstream, Adam Back, who created hashcash. The other individual, Scott Stornetta, a Yugen Partners chief scientist, had co-authored three papers that were cited in bitcoin’s whitepaper. They both were enquired about the future of bitcoin and the crypto space by the Bitcoin YouTuber, Naomi Brockwell.

Stornetta responded to the inquiries by expressing his firm belief in the crypto technologies and regarded himself as a crypto-libertarian. He stated that the world was heading in the right direction with cryptographic technologies.

After expressing his bullish thoughts for the bitcoin and other technologies for the next ten years, he said that distributed ledger technology will also diversify and expand in the future. In addition to that, he opined that Bitcoin possessed potential despite facing some issues. His exact words were:

I think there’s plenty of potential for Bitcoin to kind of work out the issues that you’re talking about, but there’s potential for other things. I think we’re going to see a real flourishing, and it doesn’t all have to be about money, of course.

According to Back, bitcoin has outperformed people’s expectations in only a decade since its inception. While comparing with the pace of the internet, Back was of the view that Bitcoin advancements in the space were very rapid. He even added that coping up with the latest innovations was now a challenging task. In this regard, his words were:

It’s pretty challenging to even keep up with the pace of new things that are being developed — new ideas and implementations of them.

However, he also mentioned that there were some areas where Bitcoin had a lot to achieve yet. He elaborated that blockchain and bearer electronic cash were sort of new and people need time to understand them and decide how things can be built with them.

While backing up his claims, he mentioned the Lightning Network (LN) as one of the recent developments for Bitcoin built by people after understanding the purpose of Bitcoin. He explained that the LN and other innovations such as Statechains enabled new functionality on top of the base Bitcoin network. He even suggested that in the future there wouldn’t be a need for a plethora of cryptocurrency networks.

READ ALSO: 2020 Bitcoin Halving – Crypto Asset Price Could Experience 10x

While they spoke of bitcoin and shared their thoughts, the largest cryptocurrency by market capitalization is achieving new heights of innovation and proving itself. Recently, a Twitter user account that specifically supervises and observes significant bitcoin transactions revealed that 25 bitcoin transactions of $6 billion worth were recorded in a single block.

So far, this is the level of progress made by bitcoin. Sharing funds without worrying about the time delays and high transfer fees, bitcoin has disrupted all previous means of transferring money. On the contrary, transferring funds of billion dollars’ worth through any other financial channel is not as easy or comfortable as it was with bitcoin.

READ ALSO: Bitcoin Price Should be About $10 Million – If All BTC Were Mined

Bitcoin has attracted masses by showing its intrinsic features every now and then. Unlike fiat that is bound to inflate over time, bitcoin’s value is entirely dependent on the fundamentals of supply and demand. No authority or financial institution is capable of manipulating the value of bitcoin. That’s why with extremely decentralized traits, bitcoin enthusiasts are increasing with time.

Since the inception of bitcoin, general awareness among people regarding the drawbacks of fiat has surged. It’s an achievement for the cryptocurrency that many people have recognized the real use case of blockchain and the flaws with the current financial system circulating fiat.

Although more than a decade has passed, countries and individuals are still struggling to understand the functionality and use case of bitcoin. Regulatory bodies are configuring things out to allow bitcoin trading whereas influencers such as Pompliano, are doing their best to ensure that more and more people become familiar with bitcoin. It will be of interest to see if bitcoin can suffice the expectations of Back and Stornoato in addition to investors and crypto enthusiasts.

READ ALSO: Bitcoin Price Should be a Function of its Utility and Adoption

Tags

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.