As a researcher with a unique perspective, having been an early developer of Bitcoin and the recipient of Satoshi Nakamoto’s very first email, I am both humbled and excited by the current state of Bitcoin. The institutional adoption, as highlighted by Adam Back, is a testament to its resilience and growing maturity. The US spot Bitcoin ETFs have played a significant role in this, creating an interest among issuing financial institutions that wish to keep these products in the market.
According to Adam Back, the use of Bitcoin by institutions continues to grow, thereby enhancing the robustness of the original digital currency.
I’ve witnessed a substantial increase in institutional adoption of Bitcoin (BTC). This growth, to some extent, can be attributed to the introduction of US spot Bitcoin exchange-traded funds (ETFs). This is what Adam Back, the co-founder and CEO of Blockstream, and the inventor of Hashcash, shared during a recent interview with Forbes.
“Now the ETFs mean that the issuing financial institutions are interested in expanding those products and keeping them in the market. So the banking or financial institutional lobby now wants that to be there.”
Back noted that others also remain interested in Bitcoin adoption, including entire countries:
“You’ve got some other allies, too. You’ve got the early stages of sovereign wealth funds and countries buying Bitcoin or Bitcoin-related products and instruments.”
Back was an early Bitcoin developer and the first person to receive an email from pseudonymous Bitcoin creator Satoshi Nakamoto.
His innovation, Hashcash, laid the groundwork for the Bitcoin mining procedure by being the initial proof-of-work system designed to combat unwanted emails (spam) and service denials (denial-of-service attacks).
Bitcoin’s initial technical risks have mostly faded: Adam Back
The famous cryptographer’s comments came shortly after the crypto industry celebrated the Bitcoin white paper’s 16th anniversary on Oct. 31, which is when Nakamoto shared Bitcoin’s foundational technical document to a list of cryptographers, including Back, for the first time.
Discussing the increasing maturity of Bitcoin, many of the risks that were once associated with it have diminished, as pointed out by Back. In other words, Bitcoin’s initial risks are becoming less significant over time.
“I think that many initial risks around Bitcoin have receded because the original perception was that it was quite uncertain if a major country or an economic zone like Europe, China or the U.S. would ban Bitcoin. That created a lot of perceived regulatory risk. But I think at this point bitcoin is bootstrapped sufficiently.”
Even though technical risks associated with Bitcoin have reduced, there’s still scope for further advancements within the realm of the original blockchain network.
“It’s still challenging to scale blockchains. They’re broadcast mechanisms and I think there’s still room for innovation and improvement about how to do that. Lightning is pretty reliable and nice for point-of-sale terminals and person-to-person payments, but there’s still room for improvement.”
On October 21st, the hashing power of the Bitcoin network reached an unprecedented peak of 769.8 exahashes per second, setting a new record high. The hash rate serves as an indicator of the robustness of Bitcoin’s security framework.
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2024-11-01 18:50