Why Bitcoin is called Bitcoin

99% of ideas around Bitcoin existed long before 2008. There was a proof-of-work money, there was a bit gold idea and there was paper on distributed property titles. Not to mention all the necessary cryptography that existed for decades.

The missing link was a simple idea: instead of tracking individual proof-of-work coins of bit gold inside some distributed property title registry, lets turn the problem inside out and put the registry inside a single coin. This way, the registry will track fractions of that coin, and the coin will be made perpetually scarce and identifiable due to never-ending amount of proof-of-work piling up on top of it.

Since it’s going to be just one coin of bit gold, it’s only fair to call it bitcoin.

2017   bitcoin
Popular