What's the Future of Bitcoin without the Inventor?

Wakate

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Quote from: bitzizzix on October 13, 2023, 02:21:04 PM

Actually I really wanted to meet Satoshi Nakamoto and just wanted to say a big thank you to him, and for more than a decade Satoshi Nakamoto disappeared, Bitcoin and Blockchain still exist today and will probably continue to exist and also continue to develop.
And the beauty of Bitcoin will make investors from various circles continue to come as time goes by, and that will make Bitcoin continue to exist even though there is no Satoshi Nakamoto.
And Bitcoin will continue to exist as long as investors, communities and developers continue to develop and maintain it well. And if Satoshi Nakamoto is still around, I hope he is always healthy and fine. Wink

One of the reasons why Bitcoin is still the best and trusted cryptocurrency in the market is because Satoshi was able to make Bitcoin and all yours currency allowing people that do not even know how everything started to be able to mine Bitcoin with the right tool. This is what many project team will never do because there motive SI to utilize there project in a way that it will make them rich and not giving out to the public to benefit from the project too. This is different from what we are seeing mow like bounty and airdrops that is conducted by some projects to create awareness.

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Quote from: darkangel11 on October 13, 2023, 02:33:20 PM

Quote from: Iamgoat on October 11, 2023, 04:31:53 PM

I have been having some critical thinking lately on what the future of Bitcoin and the Blockchain technology will be. What will be the fate of Bitcoin should in case the founders of this great digital currency and assets die. It is not a wish but it is a known fact that all humans will taste the sad and irreplaceable part of this life – death.

People die and new ones are born. It becomes a smooth transition from an older developer to a younger one, just like in a company. Most banks were established by people who are no longer with us. Think of bitcoin as run by a large board of executives that don't need to be elected. These executives are in different age and as long as there are new people interested in this type of digital money, the board will continue to exist. If they decide that the concept isn't interesting, it will die the natural way that so many inventions died. Is somebody nowadays interested in developing the steam engine? Are there people upgrading the telegraph? Don't worry about it, when bitcoin's time comes you'll know. It won't happen in a day or a month.

Bitcoin, fundamentally, isnt merely being “run.” I’s being supported, enhanced, and modified by an ever-evolving community. People come and go, yes, but Bitcoin remains - bound not by a collective agreement to manage it, but by a decentralized, collective belief in its fundamental principles: decentralization and scarcity.

While banks and corporations need a structured board to operate and make decisions, Bitcoin thrives on its decentralized nature, where decisions, like implementing upgrades, are made based on consensus, not executive orders. The shifting between developers, young and old, is not just a handover of positions but a handover of belief, of ideals. Its essential, though, to understand that Bitcoin wont simply “die” due to lack of interest but will adapt, evolve, and continue to influence how we perceive and utilize money.

btc78

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Quote from: Iamgoat on October 11, 2023, 04:31:53 PM

I have been having some critical thinking lately on what the future of Bitcoin and the Blockchain technology will be. What will be the fate of Bitcoin should in case the founders of this great digital currency and assets die. It is not a wish but it is a known fact that all humans will taste the sad and irreplaceable part of this life – death.

Since you mentioned about the death , Satoshi had been missing in action for many years now yet Bitcoin continues to progress and popularized ,
I am not saying that the creator is dead or not but what is the difference now since he is not to be found for many years?
isn't enough for you to believe about this great coin?

Isuru_

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Bitcoin's future is still looking good, even without its creator, Satoshi Nakamoto. It's a decentralized currency with a strong community and growing adoption, so it's likely to become more widely used and accepted in the years to come.

In fact, Bitcoin is already being used by millions of people around the world to buy goods and services, send and receive money, and store value. And as more and more businesses start accepting Bitcoin, it's only going to become more popular.

So, even though we don't know who Satoshi Nakamoto is, or why they disappeared, we can be sure that Bitcoin is here to stay.

legendbtc

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As you have also seen, bitcoin has existed for the past 14 years without its creator, which means the next 14 years or the next 100 years bitcoin can still exist without Satoshi or any inventor. As long as there is a demand for bitcoin it will always exist over time and as you also said, bitcoin is open source and anyone can continue to develop it. Bitcoin's existence depends on our needs, as long as it still brings benefits and meets people's needs, it will always be developed by everyone.

lombok

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The picture I took from: https://www.reddit.com/r/Buttcoin/comments/14uil4r/crypto_company_announcement_translation_guide/

Can this apply to Bitcoin? because the system is decentralized, it is stated that founders and investors are ready to dump. However, in BTC, satoshi, the creator of BTC, is very anonymous - and has not been active for a long time, the BTC community also always monitors BTC satoshi wallets, investors here can mean large holders (institutions or companies or even countries). As long as there are investors Bitcoin will continue to exist and be valuable.

Crypto company announcement translation guide is this a warning?

Victorik

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Quote from: RockBell on October 12, 2023, 04:07:59 PM

Quote from: Victorik on October 12, 2023, 04:48:37 AM

Is like asking what the future of the computer system is without the inventor.
I do not think Bitcoin needs the inventor in other to survive anymore. Even the inventor do not have absolutely control over the network. Bitcoin is fully decentralized and open source

When you talk about computers there is a big difference between a computer and investing in bitcoin, in a computer buyers are important and computer is a multi technology that serves in all kinds of field and everyone knows its important and bitcoin needs investors to survive without investors there will be no value, that is the importance of every business investors play a very importants role in every business. And in bitcoin you might not have absolute control over the network but you have over your money. The innovation of bitcoin have benefited a lot over time now.

I am very sure you misunderstood my statement and have taken my statement out of context.
I was referring to the OP question of what is future of Bitcoin without the inventor?

I was only trying to say that Bitcoin will succeed with or without the inventor. The OP wasn't talking about investor but rather inventor.

darkangel11

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Quote from: Iamgoat on October 11, 2023, 04:31:53 PM

I have been having some critical thinking lately on what the future of Bitcoin and the Blockchain technology will be. What will be the fate of Bitcoin should in case the founders of this great digital currency and assets die. It is not a wish but it is a known fact that all humans will taste the sad and irreplaceable part of this life – death.

People die and new ones are born. It becomes a smooth transition from an older developer to a younger one, just like in a company. Most banks were established by people who are no longer with us. Think of bitcoin as run by a large board of executives that don't need to be elected. These executives are in different age and as long as there are new people interested in this type of digital money, the board will continue to exist. If they decide that the concept isn't interesting, it will die the natural way that so many inventions died. Is somebody nowadays interested in developing the steam engine? Are there people upgrading the telegraph? Don't worry about it, when bitcoin's time comes you'll know. It won't happen in a day or a month.

bitzizzix

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Actually I really wanted to meet Satoshi Nakamoto and just wanted to say a big thank you to him, and for more than a decade Satoshi Nakamoto disappeared, Bitcoin and Blockchain still exist today and will probably continue to exist and also continue to develop.
And the beauty of Bitcoin will make investors from various circles continue to come as time goes by, and that will make Bitcoin continue to exist even though there is no Satoshi Nakamoto.
And Bitcoin will continue to exist as long as investors, communities and developers continue to develop and maintain it well. And if Satoshi Nakamoto is still around, I hope he is always healthy and fine. Wink

Vaculin

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Winding down.

Quote from: _BlackStar on October 12, 2023, 02:54:20 PM

The fate of bitcoin and its future no longer depends on satoshis after he introduced them - so that means it is the community and developers who contribute to the future of bitcoin. So don't worry about the future of bitcoin even though satoshi will never appear among us - in fact I would be worried if he came back because it would have a big impact on changing a lot of things in the mindset of its big investors which in turn would have a bad impact on the bitcoin economy.

I don't expect satoshi to return and actively contribute to bitcoin's development - but I do hope that the community and developers will continue to keep the future of bitcoin and its network safe and long-lived.

Satoshi has been absent in the crypto market for more than a decade and yet bitcoin has even more flourished in time, which means even if Satoshi won’t come back anymore, bitcoin will always have a bright future ahead. After all, this is no longer Satoshi but the community itself that makes bitcoin more valuable and irresistible on the eyes of the people. However, if Satoshi will care to return, he might still deserved the spotlight of course but I also guess his presence will never create a big impact for bitcoin in the long term.

Benedictare

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Quote from: Iamgoat on October 11, 2023, 04:31:53 PM

Can someone on this forum help me clarify (in simple terms) on some of the infrastructures or technologies put into the development of Bitcoin that can make it stand, forever?

The decentralized and open-source code of Bitcoin will make it stand forever. Anyone can pick up the development where it has halted.
[/quote]
The future and growth of Bitcoin relies with you and me as we keep on investing and spreading Bitcoin around the globe. Just like a father will setup an investment or company, then teach and hand it over to his son or who he wants to control his company, that is how Satoshi Nakamoto has invented Bitcoin and handed it over toh is predecessors .The decentralization and digital currency system makes the involvement of individual and control of Bitcoin technology easy.The absence of Satoshi will not affect Bitcoin because of the way it has been designed to operate.

fuguebtc

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If you are talking about Satoshi, the creator of bitcoin, then you don't need to worry about that. Because since he created the bitcoin blockchain and disappeared from 2010 until now, bitcoin still exists and develops without any obstacles. That shows that bitcoin can operate without its creator and that is also what Saotshi designed for bitcoin. As many people have said, bitcoin is open source and decentralized, it is under the control of the community, not just anyone, so anyone can continue to maintain and develop it.

taufik123

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Quote from: The Cryptovator on October 12, 2023, 04:52:41 PM

Though we don't want to lose the Bitcoin creator, everyone has to leave one day. But his disappearances aren't actually related to Bitcoin. Because Bitcoin has been designed in such a way that anyone can run the blockchain, It's not centralised with any authority, like digital fiat. So any particular operator isn't required to run the Bitcoin network. It's because of decentralisation, not only for open sources. Because open source helps you read codes, copy, clone, and run your own way. But anything can't be modified on an existing blockchain. So even though there is no Bitcoin guardian, we shouldn't worry anyway.

Actually, we didn't lose the creator of Bitcoin, Satoshi just disguised his identity for the safety of himself and his family.
I'm sure he monitors every development that happens to Bitcoin and just looks at how Bitcoin can develop so far, even though it doesn't have any guards and the system runs by itself and is already arranged in such a way.

And a few days ago there was an X account (twitter) that claimed that he was Satoshi and was actively making a tweet.

Quote

Bitcoin is a predicate machine.
"Over the following months, we shall explore different aspects that were not explicitly contained within the white paper.
These aspects are all parts of bitcoin, and are important.
Some of these ideas were touched upon in the early years; now is the time to extrapolate and explain"

https://twitter.com/satoshi/status/1708886029636137256

But it is certain that it is not the real Satoshi, it is only the work of Craig Wright who is known as a claimant that he is Satoshi LOL.

Agbe

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The dead of Satoshi will not affect bitcoin because has already removed his or their hands from the software, though he is still in the team but he allow others to make some meaningful programming work in the software and he is directing those people what to do. The founder knew that he will die one day so he created bitcoin for open source so that people will use it for ever. And that is why he created the blockchain as a decentralized system in which third party can not control the the funds in your wallet. The real bitconers understand every step of the bitcoin movement so they will not sad because of bitcoin but because the founder of bitcoin is die. And by the way nobody knows whether Satoshi is dead or he still alive and we believed that he is still alive and when he will die nobody will know it because he is unknown. So there is no need to even sad because nobody knows where he is even right now.

The Cryptovator

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Though we don't want to lose the Bitcoin creator, everyone has to leave one day. But his disappearances aren't actually related to Bitcoin. Because Bitcoin has been designed in such a way that anyone can run the blockchain, It's not centralised with any authority, like digital fiat. So any particular operator isn't required to run the Bitcoin network. It's because of decentralisation, not only for open sources. Because open source helps you read codes, copy, clone, and run your own way. But anything can't be modified on an existing blockchain. So even though there is no Bitcoin guardian, we shouldn't worry anyway.

Kelvinid

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Quote from: Iamgoat on October 11, 2023, 04:31:53 PM

I have been having some critical thinking lately on what the future of Bitcoin and the Blockchain technology will be. What will be the fate of Bitcoin should in case the founders of this great digital currency and assets die. It is not a wish but it is a known fact that all humans will taste the sad and irreplaceable part of this life – death.

And then you think nobody will take care of it when he dies? Bitcoin creation has been done already and the system has been working for many years, there is nothing to improve that needs someone to manage it. If your thinking is right, nobody will have the courage to invest and hold Bitcoin but because it never works that way, no matter what happens to the creator, Bitcoin remains and trading continues.
We don't need the founder anymore as it was designed to still be working without any supervision as the system has been working for many years efficiently.

JoyMarsha

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Bitcoin is not designed to be that way. It is decentralized, meaning that it falls under no control of anyone

Knowing this information will help you understand that whether Satoshi exists or not has no bearing on whether bitcoin will be successful in its intended role of generating wealth for cryptocurrency investors or serving as a new form of payment.

With that goal in mind, nobody is truly concerned about Satoshi's existence (even though we are curious about him), as we are all aware that whether or not he is alive, he has no control over bitcoin. Even compared to other assets its owners have control over them.

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Quote from: adaseb on October 11, 2023, 11:15:31 PM

Satoshi's last post was something like “bitcoin is in good hands now”. And he left. Meaning that he knew the community would take over the development and research for bitcoin.

Segwit was basically an idea brought by the community and it was implemented years after his departure. This is no different than Apple surviving without Steve Jobs.

And Satoshi was never wrong with that. In fact, bitcoin even becomes more popular in the process and has built strong foundation with time. No matter how many times it was declared dead, but until now bitcoin still continue to flourish and make progress. That’s how very trusting Satoshi to the bitcoin community, his presence is no longer present but his invention continues to develop to bring advantages to the world even if the world itself is sometimes cruel to bitcoin and its community.

BigBos

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Quote from: Iamgoat on October 11, 2023, 04:31:53 PM

I have been having some critical thinking lately on what the future of Bitcoin and the Blockchain technology will be. What will be the fate of Bitcoin should in case the founders of this great digital currency and assets die. It is not a wish but it is a known fact that all humans will taste the sad and irreplaceable part of this life – death.

Things like this I don't think need to be overly worried because the fact is that even though we have lost Satoshi for more than a decade, the block chain and bitcoin are still running until now, meaning that there are always people behind the scenes who we don't know regardless of open source or whatever it is, I don't really understand but keep in mind that when Satoshi is not there who is the initiator of bitcoin, whether he is still in the world or has died, bitcoin is still running to this day.

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Quote from: Victorik on October 12, 2023, 04:48:37 AM

Is like asking what the future of the computer system is without the inventor.
I do not think Bitcoin needs the inventor in other to survive anymore. Even the inventor do not have absolutely control over the network. Bitcoin is fully decentralized and open source

When you talk about computers there is a big difference between a computer and investing in bitcoin, in a computer buyers are important and computer is a multi technology that serves in all kinds of field and everyone knows its important and bitcoin needs investors to survive without investors there will be no value, that is the importance of every business investors play a very importants role in every business. And in bitcoin you might not have absolute control over the network but you have over your money. The innovation of bitcoin have benefited a lot over time now.

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