Some historical context on the future of Bitcoin

06-29-2018 • https://www.sovereignman.com by Simon Black

Several months later, the Select Committee on Lighting and Electricity in the British House of Commons held hearings on electricity, with experts stating that there was not "the slightest chance" that the world would run on electric power generation.

It's not that electricity didn't exist at the time. It did. Serious study and research had been devoted to electricity since the 1600s.

But even by 1879 it was still considered an expensive fantasy.

Then on New Years Eve of that same year, Thomas Edison publicly unveiled his incandescent light bulb in Menlo Park, New Jersey.

At the time he allegedly stated "We will make electricity so cheap that only the rich will burn candles."

Three years later in 1882, Edison would switch on the world's first public electrical utility.

1 Comments in Response to Some historical context on the future of Bitcoin

Comment by PureTrust

Entered on: 6/30/2018 9:02:20 AM

Two basic things happen in the transfer of bitcoins: 1) two Bitcoin addresses “talk” to each other in an encrypted “language” that only they can understand; 2) in the “talk,” a simple number disappears from one address, and appears in the other address. Five things will make blockchain technology really powerful: 1) same as 1, above; 2) the si9mple number in 2, above, becomes a string of numbers and letters and/or other characters that never change, which include (perhaps at the end of the string) a property identification number (like a VIN for a vehicle); 3) anybody can enter a new ID# at the end of some string (the first part being created by the program); 4) once the ID# is entered, it is compared with all ID#s in the blockchain to make sure it doesn’t exist already; 5) this ID# becomes the method for property transfer of the property it represents, rather than the simple transfer of digits like Bitcoin does.

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