Post
Topic
Board Bitcoin Discussion
Re: Any new development in bitcoin since it existence?
by
franky1
on 05/02/2023, 12:39:53 UTC
bitcoin 2009 was a simple payment system

from A to B
where the keys to sign permission of A were just lengthy numbers(private key)
and where the "addresses"(publick key) of A and B were basic

since then new features have evolved
things like deriving the private key in multiple ways. such as word phrase libraries. making it easier to write down the key
also those keys can have a nonce(number/salt) added where by 12 words creates a master key which then allows 1000 keypairs generate from that one master key

also
where addresses can be a combined address of multiple keys allowing multiple owners to co-sign for funds (multisig)

just those things alone allow for people to set up "family trusts" "escrows" "joint accounts" "off shore banking" (sorry for abusing fiat banking terms, but its for easy description not for categorisation specifically/technically)

where funds are not linked via one persons signature but can be were X chosen people can co sign funds. and where it does not need lawyers/bank managers to set up these processes, people can be their own bank

people can have 1000's of addresses each managed by one master key to send/receive funds or can have a dozen people involved in managing one address
......

other evolutions are
when it was CPU mining the costs of a block were pennies
this evolved to GPU mining meaning the difficulty competition of mining increased meaning the cost increased,
then pooling(syndicate) the work load to increase the competition thus the cost to solve
this helped raise the base value to which the market price discrovery premeum above value then pushed the market price up for those that didnt want to work for coin but just wanted to buy it
then asics came along and evolved in the competition cost thus further helped push up the base value which pushed up minimal levels of market prices
(along with the block reward halvings)

other features evolved such as locking value up for lengths of time
this allowed people to secure funds from for instance their teenage kids getting inheritance early.. or whereby using that locked value. it can be used to then produce sub networks that use that reference to create sub tokens that can be used elsewhere on other networks

politically bitcoin change in its definition legally
2009-2014 it was digital property
2014-2016 it was digital currency
2017-2021 it was digital asset
2022-20++ it was digital commodity
which changed things from not being regulated to being regulated at the businesses/services edges, to now political regulators trying to decide where their jurisdictions cross over and begin or end


theres alot more that happened but thats just some highlights