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Here is an interesting fact from the past. While I was checking satoshi’s posts, I came across an interesting thread. In this thread, satoshi talks about the size of the blockchain and the time which is needed to download and verify it.
He mentioned SPV clients and how they would be used in the future. He then went on to talk about something very interesting. He talked about online wallets and web-based wallets and how easy they were to use, compared with learning to work with a brand-new bitcoin software.
Was the creator of bitcoin suggesting that online custodial wallets were a good alternative, especially for smaller amounts?
I tried to find some more info about the sites he mentioned and their services. The first site was vekja.net. It no longer exists, but there are old archives of it. They were selling Bitcoin accounts, web and email hosting for 25 bitcoins/week back in 2010.
The 2nd site he suggested was www.mybitcoin.com. It hasn’t been updated for a long time but contains a lot of info about exchanges, wallets, and guides. No more wallet services though.
I found this trip down memory lane very interesting. Can you imagine how far bitcoin has come? Just 10 years ago you needed to pay 25 bitcoins per week for email hosting. And look at it now…
He mentioned SPV clients and how they would be used in the future. He then went on to talk about something very interesting. He talked about online wallets and web-based wallets and how easy they were to use, compared with learning to work with a brand-new bitcoin software.
In the meantime, sites like vekja.net and www.mybitcoin.com have been experimenting with account-based sites. You create an account on a website and hold your bitcoins on account there and transfer in and out. Creating an account on a website is a lot easier than installing and learning to use software, and a more familiar way of doing it for most people. The only disadvantage is that you have to trust the site, but that's fine for pocket change amounts for micropayments and misc expenses. It's an easy way to get started and if you get larger amounts then you can upgrade to the actual bitcoin software.
Was the creator of bitcoin suggesting that online custodial wallets were a good alternative, especially for smaller amounts?
I tried to find some more info about the sites he mentioned and their services. The first site was vekja.net. It no longer exists, but there are old archives of it. They were selling Bitcoin accounts, web and email hosting for 25 bitcoins/week back in 2010.
The 2nd site he suggested was www.mybitcoin.com. It hasn’t been updated for a long time but contains a lot of info about exchanges, wallets, and guides. No more wallet services though.
I found this trip down memory lane very interesting. Can you imagine how far bitcoin has come? Just 10 years ago you needed to pay 25 bitcoins per week for email hosting. And look at it now…