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In terms of the quote above, Bitcoin is the hundredth time, and it is right. Moreover, understanding Bitcoin entails knowing that it was built after years of other attempts, combining many concepts such as such as public key cryptography, Pretty Good Privacy (PGP), proof of work, and so on. As Vijay Boyapati has commented in his new book “ The Bullish Case for Bitcoin,” some mistakenly focus on technological attributes and not enough on monetary attributes. This falls away once you fully understand Bitcoin’s distributed nature, its security model, and that its design can’t be significantly improved by any copy without losing the elements that make it unique. It is a common misconception that other altcoins will innovate Bitcoin out of existence by improving on its design, consigning it to be the “Myspace” of cryptocurrency. Ninety-nine times, the conclusion is false. Happy to be challenged on this, but I don’t think they pass the above mantra in the same way. The original comprised only around 9,000 lines of code, nothing compared to many other copies, upon which layers upon layers of complexity have been added. The codebase upon which Bitcoin is run is also famously sparse. Shakespearean in its quality, in that, it would not be possible to remove any further words without removing meaning. “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”Įven this first sentence alone sets the tone. Let’s consider even the first line of the white paper. Satoshi Nakamoto’s Bitcoin white paper runs to just nine pages. For completeness, the above quote is likely a paraphrase from a longer quotation in a 1933 lecture that Einstein gave, albeit with much the same meaning.)īitcoin wholly satisfies this simple but no simpler criteria.
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(It’s worth noting that the internet is full of quotations falsely attributed to Einstein, for example, “The definition of insanity is doing the same thing over and over and expecting different results.” In this article, I’ve tried to avoid falling into this trap.