By any measure, the Bitcoin network is still in its infancy. While the concept of digital money is decades old – most dollars today only exist on individual account holder’s computer screens and in centralized ledgers at banks – the idea of holding one’s wealth in self-custody without a third-party validator is new. Bitcoin is the first iteration of triple-entry accounting in the history of capitalism, and the first time that money and state have been separated so people can self-custody their wealth in a digital bearer asset. Many individuals have trouble trusting the system, because they have spent their entire lives transacting within the bank-mediated fiat system.
Jonathan Martin is a
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