What kind of questions were they asking? What’s top of mind?
Discussion
What happens after all 21 million are mined? Why is Bitcoin considered anonymous if it’s a public blockchain? How do financial crime tools work on public blockchains? How can we trust it if we can’t see who created it and what if the code changes? Many more…
The engagement in the room was awesome. These are all great questions and they were happy to get answers on each:
- transaction fees after the year ~2140 will be necessary to keep the miners running, and it may be that energy is much cheaper by then… (I had already covered how Bitcoin miners can unlock energy from renewable energy sources dynamically)
- Bitcoin is not anonymous but rather pseudo-anonymous since every transaction is public but contains no identity details. In fact some other chains provide even more privacy but, as bitcoin is first and has a hard money principals, remains the longest running and most battle tested public blockchain for value preservation
- data analytics in partnership with OSint, law enforcement and data sources allow pattern matching and tagging of known and suspected matching for direct and indirect funds
- many of the websites and services we use are made with free and open source software contributed by people we don’t know. We trust open source code because we can read it and experts can find cybersecurity vulnerabilities faster with this open collaboration. Bitcoin is secure not because Satoshi said said so, but because anyone who wishes to attack it could - and yet, it remains secure.
I’m paraphrasing from memory…
I see, the typical questions we all have when we’re learning. Cool.
