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fate but also the prospects for other virtual currencies. What Bitcoin Is and Why It Matters ). Then he encountered Bitcoin in 2010. Bitcoins were essentially worthless at the time and extremely finicky to get ahold of and use. Rather than being created by a central bank, bitcoins are mined by people running software that races to solve a mathematical puzzle and win a prize of newly minted bitcoins. And it was Andresen who conceived of the nonprofit Bitcoin Foundation established in 2012which is the closest thing to a central authority in the world of Bitcoin. Larger blocks would make mining the currency so computationally intensive that only major corporations could do it, they say, giving them a kind of centralized power over the currencys use. If you read Satoshis writings, its obvious he intended it as a day-to-day transaction network for everybody, he says.
This was a project that I wanted to see succeed, he says. Kim Nilsson was seething. Most of the work to fix that was done by Andresen and Wladimir van der Laan, the Amsterdam-based coder who took over from Andresen as core maintainer in April, says Hearn (van der Laan, who also draws a salary from the Bitcoin Foundation, didnt respond.
He makes it sound like a logical, overdue upgrade to the archaic currency in your pocket. That person is Gavin Andresen, a mild-mannered 48-year-old picked by the real honey badger bitcoin conference Satoshi Nakamoto, whoever he or she is, as his successor in late 2010. It would probably survive but it would be bad, says Andresen. Andresen dedicated himself to Bitcoin out of what he calls enlightened self-interest, but without the promise of anything in return. Bitcoin Hits the Big Time ). Andresen anticipates spending less and less time worrying about keeping the currency working, and more in his Amherst home office pondering theories about the economics of virtual currencies and reading the growing academic literature on Bitcoin. Not everyone agrees with Andresens proposed fix. Although there is no central bank for the currency, its design needs significant changes if it is to become widely used. Todd believes the design of those changes would have benefited from more time to research possible downsides.
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