Satoshi’s message embedded into the first Bitcoin block provides a clear motivation for the creation of a decentralized currency. “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” After the 2008 banking collapse and subsequent bailout with taxpayer money, clearly, Satoshi was fed up with government and banking control of currency.
Satoshi embeds The Times’ headline into the genesis Bitcoin block. It’s deeply embedded into the cryptocurrency ethos that the mistakes of the greedy are not bailed out.
There’s a reason Ethereum Classic exists. Bitcoin’s main value proposition in current form is its decentralization, the ability to take monetary supply out of the hands of the governments and banks.
With small, 1-megabyte block sizes and massive amounts of hashing power dedicated to securing the Bitcoin network, BTC’s level of decentralization and attack resistance is number one amongst all cryptocurrencies. It’s no coincidence that Bitcoin also consistently maintains the largest market cap.
Obtaining the hardware required for a Bitcoin attack, assuming there was enough supply, would run you at least 7 billion dollars. However, Satoshi did refer to Bitcoin as “electronic cash.” During the 2017 spike in Bitcoin popularity, it was clear that Bitcoin in its current form cannot function as cash. Read more from coincentral.com…
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