“#Bitcoin is going to win.

It's going to win for a very simple reason.

It's not going to win because it's better.

It's not going to win because the banking system is run by gangsters.

It's not going to win because the banking system has spent the last 60 years delivering ONLY two consumer innovations

ATMs and Credit Cards

Then spent the rest of the time trying to fleece you.

The reason it wins is that it allows innovation to flourish.

Every single financial system in the world has a security and trust model that requires excluding bad actors.

Developers can't connect to the VISA network and programme it because doing so would endanger the security of the network.

Developers can't connect to SWIFT because doing so would endanger the security of that network.

All of these networks are designed to be closed because their primary security relies on access control.

Very carefully vetting every single person who has access and touches the code.

Because if they let one bad actor into the heart of the system, that security is gone.

That one bad actor can takeover and do whatever they want.

Ofcourse, in 2008 we discovered that the bad actors owned the banks.

Bitcoin is different.

The reason it's different is not because we've suddenly found the most honest people in the world.

Bitcoin is different because their are plenty of bad actors and the network gets attacked all of the time.

It doesn't depend on access control to remain secure.

It depends on a simple mathematical formula of incentives and rewards.

In order to participate and secure the network as a miner, you have to use alot of computing power and spend alot of electricity.

If you win that competition, you get bitcoin as a reward.

That simple equation creates a system of incentives where its far better to play with the rules than against them.

It's game theory.

Bitcoin is a completely open network.

Anyone can connect to it.

You can write an application right now, connect to the bitcoin network and teach it something new.

You can write a new financial instrument.

When you do so, you don't have to identify yourself to the network, you don't have to get permission from anyone..

You don't have to be vetted.

You don't have to be secured.

The network doesn't fear you because it's security doesn't depend on keeping bad actors out.

Bitcoin works fine with plenty of bad actors right in the core of the system because their is no core of the system.

There is no center.

It's a completely decentralised system.”Sean McNamara via Linkedin