Why Bitcoin is Here to Stay

by Victoria Wagner Ross, Featured Contributor

THIS PAST WEEK the leading Bitcoin cryptographic pioneer, Hal Finney died. He was in the forefront of the development of Pretty Good Privacy, software developed by Philip R. Zimmerman, and his employer in the mid 1990’s. Concern for limited Big Brother was Finney’s motivation.

In the early time period of the new millennium, Finney worked on reusable proofs which were needed to develop digital currency. His early dedication to the future of this technology led him to be one of the first people to download the first Bitcoin from a white paper released by Satoshi Nakamoto. After Finney did a Bitcoin download in 2009, Nakamoto sent Finney an amount of 10 bitcoins. The peer-to-peer digital currency went live.

bitcoinFinney led with his work and belief with the future of cryptocurrency and Bitcoin. Because Nakamoto and Finney had first communicated on the Bitcoin forum online, there were rumors that Finney was the elusive Nakamoto. Long after the denials, it is not significant. Bitcoin’s algorithm has developed more code since the original program code.

During 2013, there was a media blast about Bitcoin, the dark side of its drug dealings on the Silk Road website which led to the FBI arrest of its web owner and the drug dealer who used the site. Mt.Gox, the largest Bitcoin exchange, filed for bankruptcy.

Amidst the negative publicity, calmer heads of sound business judgment prevailed with entrepreneurs, Adam Draper, Jeremy Allaire and Barry Silbert. New Bitcoin startups were up and running Bitcoin.

Blockchain announced on Twitter in early August that it held 2 million wallets. Large online retailers, such as, Dell, Overstock.com and provider DISH network accept bitcoin for payment.

Bitcoin is embraced by technology devotees as the Internet had started twenty years ago and now leads the world community in its activity. It is the future supporters who embrace Bitcoin because it is not regulated by a government and it is decentralized. It crosses geographic borders via the Internet and provides an ability to reach past brick and mortar.

It will be part of the connectivity of the members of the world which is quickly approaching to those who embrace the Internet of Things (IoT) to connect devices of technology with the infrastructure and purchase it with bitcoin.

Finney believed in technology and chose to be cryopreserved for the future. He is at the Alcor Cryonic Life Extension Center in Phoenix, Arizona. His wife has made her arrangements there to share the future with him.


Victoria Wagner Ross
Victoria Wagner Rosshttp://sbprabooks.com/victoriawagner/
VICTORIA is a freelance writer, featured on BizCatalyst 360°, Medium.com, and in Bitcoin Magazine. She has also published reviews of various children and technology books. Her contributions to the non-profit sector were as a board member, with fund raising for non-profits and green conservation organizations complimenting such experience. Victoria's foundation is uniquely based upon creative and quantitative skills. Previous fiction works include concept development, writing and executive producer of three original e-Books on Amazon bookstore. As a consultant to a Fortune 100 company, Victoria received recognition in the Strategic Development discipline for creating the original design, implementation & training of a sales analysis/client demographics system. She designed and taught workshops for the development of business planning, encompassing a prospective audience of 10,000 financial advisers.

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  1. Your points are well presented, Realist. Bitcoin is now moving from the online tech community to the consumer. I have written an article on Wednesday in my San Diego Examiner http://exm.nr/1A7lcTQ titled, “Will Bitcoin reach consumers through Coin Academy and Bitcoin comic book?” There are online classes to get the consumer “user friendly” with wallets and use of Bitcoin. Education is the first step; notoriety in the comic book has educational items throughout it. It will be a good read and an addition to the Bitcoin community.

    Bitcoin classes are now scheduled at Duke University and other institutions.

    Different entrepreneurs are addressing how to confidently hold bitcoin for payment. I think 2025 and 2040 and beyond will have different moves up the step levels of crypto-currencies. It is a new world. My article on Milton Friedman’s vision is listed on the recent Bitcoin article, also.

  2. The problem with bitcoin is that there is a limited # of it, and all the early adopters are hoarding much of it. Now what happens is many people get some, get hacked and lose it. No security whatsoever. Then a lot of it disappears when people take it offline to avoid the hackers, and then game over, it gets more rare.

    Until there is a way to have physical bitcoins for truly anonymous transactions, it will not take off.

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