About a decade ago, Satoshi Nakamoto shared an idealistic vision to remove the intermediaries – i.e. financial institutions – from monetary transactions between individuals. The Bitcoin network is a truly democratic solution, favoring autonomy, decentralization, and the greater good of the community. The rules surrounding its future growth and development are clear, and they bar any non-majority user groups from altering the core design.
The Bitcoin network owes its success to novelty; born of the modern world, it never had to contend with legacy transactions or link to physical assets. New bitcoins are simply “minted” directly into the network. However, the very features that make blockchain successful in this instance also hold it back from other use cases.