Experience from storing bitcoins with a very long term mindset

Recently I’ve been tasked to gift some satoshis to a newborn baby, who is supposed to redeem them when he grows up, about 18 years from now. The challenge was trickier than originally expected, as there are many different ways to store bitcoin, each one with different trade-offs, and at the same time it’s hard to predict the state of the Bitcoin industry two decades into the future.

Make it future proof

The first problem I faced was the choice of the hardware support. Any electronic device faces forward compatibility issues, making it hard to predict which hardware tech will still be compatible in…

Locks made large human communities possible and money made trade scale. Bitcoin is an improvement on both technologies, and will therefore significantly contribute to advance human civilisation.

Medieval padlock from a temple in Kathmandu, Nepal

In our modern society, we use locks to protect wealth in all of its forms, whether it is our house, our car, family jewellery or precious digital data, we use physical or electronic (encryption) locks to make sure that what we consider valuable stays safe. Locks are necessary for a very simple reason: we want to preserve private property, but we are surrounded by countless strangers we cannot trust.

However, this was not…

Selection of forks of the Bitcoin software

From the very early days of Bitcoin, multiple attempts of at least partially replicate its success, by coping its codebase with some slight modifications, took place. The very first fork of the Bitcoin code that ended up generating an altcoin was, in April 2011, Namecoin, a project aiming to create a distributed DNS system.

Soon after, many other copies of Bitcoin followed, vainly attempting to improve Bitcoin by changing few parameters such as the block time (GeistGeld) or the mining algorithm (Tenebrix). While most died in the following months or years, some of them, thanks to more effective marketing efforts…

Blockchain tokens have been around for a while, but only recently the market demand for them emerged. Before wide adoption is possible, many challenges are ahead, and technological maturity is one of them. In this article we will analyse which protocols have the capabilities to establish themselves as a standard for blockchain assets applications.

In 2009, with the release of the first Bitcoin software and the genesis block, Satoshi Nakamoto changed forever the way we can exchange monetary value. After it became evident that Bitcoin was not just an interesting experiment, but rather something that was here to stay, people…

As soon as Bitcoin started to trade, a “flaw” that could jeopardise its ambitions became evident: the new born trustless cryptocurrency was very volatile. This is clearly a problem when you want to become a global currency, as money loses most of its utility if it is not a good unit of account, and a good unit of account should be as stable as possible.

Soon enough some people decided that something needed to be done, and an idea as old as central banking became popular again: let’s build a stable coin with reduced volatility. Since the excessive price variance…

In early human history money did not rely on trusted entities, but this pattern changed when more efficient fiduciary systems emerged. Bitcoin, thanks to its electronic nature, could bring back trustless money to the masses.

Money, together with writing, is probably one the biggest invention in human history. While writing improved the transmission of information to the next generations, resulting more effective than oral language and more efficient than genetics, money helps to keep track of favours over time, making trade possible also when the exchange of goods is not instantaneous.

Having an intermediate commodity or a collectible that acts…

Off-chain transactions seem to be the best option for Bitcoin scaling, while multiple companies are building and testing off-chain transaction infrastructures, few people have ever experienced how they work.

The problem

First, why do we need to do transactions outside the blockchain anyway? People that use Bitcoin are looking for security, and the blockchain is certainly the best way to achieve secure transactions. …

Introduction to the art of hodling

DISCLAIMER: this post is not to be intended as an investment advice, but as a guide on how to protect investment once you already decided to put money in Bitcoin

You may have heard a lot of stories of people who bought bitcoins a few years ago and got astonishing profits with the price rise, you may think that those were easy profits for lucky people, but when you look at it you will see that in most cases it wasn’t easy at all. …

The Thoedosian walls protected Constantinople from externals invaders for over a thousand year, until centuries of artillery progress and technological development made fortifications useless.

We lived the block size drama for more than two years, and every time it seems to have ended, after few months we are back in another Bitcoin civil war. Even if the block size debate splits the community and reduce confidence over the future of the protocol, I still believe that overall it is something positive and necessary for the development of Bitcoin. For example, thanks to all the discussions that the debate has caused, many people started to get informed about very technical aspects of the protocol such as latency in blocks propagation, transaction malleability, fee market, quadratic…

Since ancient times, people have always tried to write messages that could last beyond human life.

Today everybody knows that Bitcoin is great to move and store money in an easy and secure way, but less people are aware that you can also use the Bitcoin blockchain to write forever lasting immutable messages.

Some use this awesome feature to write love messages, to share an important thought or to celebrate a special event.

There are some very user friendly services, such as Eternity Wall, that allow you to easily write messages on the Bitcoin blockchain, but what’s the point of…

Federico Tenga

Working on Bitcoin stuff

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