Author: Venzen Khaosan 2015-08-08 09:05:25
Published on: 2015-08-08T09:05:25+00:00
In a discussion on bitcoin-dev, Thomas Zander argued that the idea that Bitcoin's very reason for existence is to avoid trusting anyone but yourself is "very much untrue because we don't live in a black/white world." Adam Back responded by saying that Bitcoin is designed for people who are not fully happy to trust others with their money. However, in response to Zander's comment, Back clarified that the goal of Bitcoin is not to completely eliminate trust, but rather to reduce the need for it in certain situations. For example, with Bitcoin, one can hold money and conduct transactions without having to trust centralized authorities like central banks. Additionally, Bitcoin's multisig feature allows for secure escrow transactions without relying on a trusted third party. Ultimately, security and decentralization are paramount concerns if Bitcoin wants to retain its trustless nature, which makes it so useful and powerful.
Updated on: 2023-06-10T18:55:06.917418+00:00