Chris Dixon on Bitcoin
Created by the pseudonymous Satoshi Nakamoto in 2009, Bitcoin is a peer-to-peer electronic cash system.
Bitcoin reviews by Chris Dixon
All Bitcoin reviews by expert Chris Dixon.
There was a civil war in Bitcoin and I was on the losing side, I guess, the so-called big block side. In theory, it was a debate over literally a single number in the GitHub code, which is called the block size. In practice it was really a debate between two broader visions of blockchain technology or Bitcoin. One was that the purpose of this is to disrupt the Federal Reserve—the cypherpunk, libertarian view. The other side, which I’m on, says that this is a really interesting new architecture where you could build lots of things that could be financially related, like money.
I think Bitcoin itself is interesting, but could do much more than that as well. And this side wanted to not only change its parameter, but do other things—like add a more rich programming language. Bitcoin actually has a very basic programming language. So our side lost. But then Ethereum came out [in 2014] and those folks were on my side.Full review
The first phase of Bitcoin was about laying the foundational infrastructure – gateways, consumer wallets, developer platforms, merchant services etc. The next phase will be about native Bitcoin apps – building new things that could never have been built before. These will likely be the applications that drive Bitcoin adoption into the mainstream.Full review
Like a lot of people I initially dismissed Bitcoin as a speculative bubble (“Internet tulip bulbs”) or a place to stash money for people worried about inflation (“Internet gold”). At some point, I had an “aha!” moment and realized that Bitcoin was best understood as a new software protocol through which you could rebuild the payments industry in ways that are better and cheaper.Full review