When I was 15, I had a weekend job at a hobby store. A colleague asked me if I had heard of Bitcoin. I won’t lie and say that I was immediately fascinated, but I did press him for some more details. Months passed, and as you do with these things, I became deeper and deeper implicated.
In late 2013, I happened to stumble across a talented programmer in the Dogecoin community. Dogecoin was just starting to become a thing, and at that time the ecosystem was growing relatively slowly. We exchanged numerous Skype messages, and he managed to convince me to join his mining pool. I even brought two AMD graphics cards: they kept the lounge very warm (and noisy) that winter.
Having spent the last 5 years in the space, I think it’s safe to say that there are two critical foundations for the growth of a cryptocurrency: community and adoption. Everything else comes naturally.
The community is made up of four major categories: users, investors, developers and entrepreneurs. In early days, Bitcoin was dominated by users and developers. Updates were frequently pushed and user requests were considered and implemented; the outlook was very positive. Then came along the entrepreneurs: Jed McCaleb, Roger Ver and Ross Ulbricht are great examples. Investors followed shortly. In early 2014, Bitcoin was suddenly flooded with a distinct, sub-category of investors: speculators. This was the first mainstream bubble of Bitcoin.
Since then, a lot changed, most of which is beyond the scope of this blog. The result is Bitcoin in its state today: a divided community, an investor-backed, centralised development team and an army of rampant speculators.
Bitcoin cash was made by frustrated early adopters of Bitcoin. It is a product of Satoshi’s vision. I don’t mean the practical, sensible and clear design logic behind the tech, but the ability for anyone to create their own network with their own rules because they disagree with the majority.
The community is vibrant, active and productive. Several major development teams contribute code regularly, and most importantly, there is no ‘reference’ implementation.
Adoption is skyrocketing. The recent announcement by BitPay regarding Bitcoin Cash acceptance speaks for itself.
There are many similarities between the communities of Dogecoin and Bitcoin Cash. I think they are filled with like-minded people. Hopefully we will learn from the mistakes made with Dogecoin.
The exchange we’re building is called Voltaire. It’s a cryptocurrency platform made to recapture the energy of early adopters - frustrated users who have seen a compromise in quality for quantity (user count) on major exchanges. Bitcoin Cash paired trading pairs, 0 conf BCH deposits and a stunning user interface are coming. I am lucky to be surrounded by people who believe in the power Bitcoin has to make a long lasting effect on society. Our involvement with The University of Exeter secured us a grant to make this happen.
On the surface, this is a novel technology allowing participants to make irreversible, near-instant and tamper-resistant wealth transfers. But examining the underlying principles and the vision behind this invention: Satoshi’s vision, you may perhaps find that this is the single biggest leap towards true financial freedom.
Find out more about Voltaire by joining the mailing list here.