Is The Vision of Bitcoin Founder Satoshi Nakamoto Being Fulfilled?
“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”
From Satoshi Nakamoto’s White Paper Bitcoin: A Peer-to-Peer Electronic Cash System
As Bitcoin continues its meteoric rise worldwide, a major question of profound importance remains: Is Satoshi Nakamoto’s vision and legacy being realized?
In our humble opinion here at iPayYou, the answer is, NO!
Sadly amid all of the debate about blocksize capacity issues and rising fees, it seems that Satoshi’s core vision of an affordable, “peer to peer” digital cash system and global footprint has gotten lost in the shuffle. That’s a damn shame because millions worldwide have yet to capitalize on Bitcoin’s enormous advantages.
Despite its prima facie appeal and popularity, the reality is that 99 percent of the world’s population doesn’t even use Bitcoin yet. So all of the rancor about boosting blocksize capacity essentially means nothing because with such a miniscule number of people using it, how could we have anything close to a consensus. This would be like politicians who win elections despite a flea size turnout among eligible voters.
And what about the questions that remain as to why more businesses and merchants have been so slow to adopt and accept Bitcoin. Frankly, expecting this in light of the resources they would have to be devoted to such a small number of users is laughable.
One of the main reason’s I am such a huge fan of iPayYou founder Gene Kavner, is because of his unrelenting, no holds barred commitment to achieving the original intent and dream of Satishi, which is a exquisitely curated P2P cash system that works for all. But he, unlike many who are caught up in the pixie dust allure of Bitcoin, believes that we need to become more serious in our intent and focus.
….as in fostering thoughtful, non-confrontational conversation in the Bitcoin community around prevailing issues like the growing number of slow, unconfirmed transactions and higher consumer fees.
Bottom line — — Bitcoin’s future all boils down to one compelling case that we all need to be to be singing off the same piece of sheet music on. That is, “how we can make bitcoin more user friendly, safe and user friendly to the end user?” Clearly Satoshi’s promise will remain unfulfilled until we enable every global citizen with what they truly need in order to participate in the worldwide Bitcoin ecosystem.
As Gene Kavner says about iPayYou: “Our focus is in attracting people who are not current users, who may know nothing about bitcoin. We are constantly asking ourselves about who do we want to bring into the tent that are not already in the tent. In my opinion and likely Satoshi, this is what the Bitcoin movement is ultimately about.”