As a researcher who has delved deep into the world of cryptocurrencies and blockchain technology, I find myself captivated by the transformative journey of Bitcoin (BTC). From a mere concept to a multitrillion-dollar asset shaking up financial institutions, it’s nothing short of astonishing. However, much like an old dog learning new tricks, I believe there’s still plenty of room for Bitcoin to grow and innovate.
Ever since it first appeared on October 31, 2008, Bitcoin has evolved from a playful concept to a valuable asset boasting a market capitalization in the trillions, transforming the way traditional financial systems perceive money.
In spite of the astonishing transformation it underwent, starting as an idea and eventually sparking a financial revolution, many believe that Bitcoin (BTC) has even greater potential for achievement yet to come.
In Episode 50 of “The Agenda” podcast, Ray Salmond and Jonathan DeYoung converse with Jeff Garzik, a co-founder of Hemi. They discuss Jeff’s journey as a Bitcoin developer, captivating anecdotes from the early days of Bitcoin, and how Hemi intends to expand Bitcoin’s functionality by linking its system with Ethereum’s, thereby offering new use cases for the digital asset.
Bitcoin is a “bombproof” blockchain, but more functionality is needed
Bitcoin has proven itself useful as a means of transaction, a place to hold value, and more, yet its adoption beyond these areas, particularly within decentralized finance and decentralized apps, lags significantly behind the ecosystems found in the Ethereum and Solana blockchain networks.
As per Garzik’s viewpoint, one challenge that slows down Bitcoin’s expansion in these areas is the high transaction fees that arise when the network becomes crowded, and certain coding discrepancies, which can make it harder for different systems to work together smoothly.
“So, just like on the highway, you’ve got congestion pricing. In some highways, if the highway is really congested, then the congestion pricing fee is very high. If the highway is pretty empty of cars, then the congestion fee is very low or even free.”
Garzik stated that Hemi is concentrating on making various alternative transaction processing methods like rollups and layer 2 solutions smooth and commonplace within the Bitcoin network, referring to this as its continued upward trend. According to Garzik, this development represents the next phase in the broader evolution of Bitcoin.
“Bitcoin is now growing into the ability to scale across multiple dimensions, meaning multiple layer 2s and users will benefit from that additional programmability. […] But they’re still building on Bitcoin. They’re still extending Bitcoin. They’re still using Bitcoin, the token. So, it’s really a new permutation. It’s a new evolution of Bitcoin, the organism, as I like to call it.”
There’s still more to Bitcoin than its dollar value
Currently, when you come across Bitcoin, it’s likely your thoughts instantly focus on its value. However, according to Garzik, there’s far more to Bitcoin than just that. To him, Bitcoin is simply another demonstration of how open-source technologies can significantly improve people’s daily lives.
Looking back to when he was a Bitcoin developer at the start, Garzik remembered that he and others were concerned about being arrested for possibly breaking the Stamp Payments Act of 1862, and one of their main objectives was to persuade people to accept Bitcoin as a means of real-world payment.
“As a young developer in the year 2010, I didn’t know if I was going to get arrested for simply working on a new currency that was not the US dollar. I didn’t know if I was going to get arrested for violating the Stamp [Payments] Act, which is one of many laws in the United States that might have, we theorized, covered Bitcoin. Thankfully, it’s not [in violation].”
If you’re interested in learning more about Garzik’s discussion with The Agenda, such as his perspective on Bitcoin network’s future and captivating tales from the early days of BTC, tune into the entire episode on CryptoMoon’s Podcasts page, Apple Podcasts, or Spotify. Don’t forget to explore the array of other shows available on CryptoMoon!
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2024-11-27 16:24