Author: Milly Bitcoin 2015-08-08 11:59:40
Published on: 2015-08-08T11:59:40+00:00
The concept of trust in the Bitcoin world is not binary. While many in the community distrust established financial systems, there are individuals within the Bitcoin sphere who need to be trusted to manage important tasks such as the Wiki and Github repository. Some of these people only go by screen names and those who question their processes are often chastised and labeled as trolls. The lightning network is often touted as a trustless system, but it still requires trust during transactions in the channel. While there is a way to cash out if the other party does not cooperate, this is not the same thing as saying the system is completely trustless. There is confusion about the tradeoffs involved in decentralization and reaching consensus. Overall, many people in the Bitcoin community may not fully understand the implications of claims about the "trustlessness" of Bitcoin.
Updated on: 2023-06-10T18:53:46.579085+00:00