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August 31, 2018, 05:38:47 PM |
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As bitcoin reaches a peak level point of global awareness, there has been talks amongst the community looking forward the future for the first successful P2P, open source, decentralized, and trustless network. Since bitcoin beginnings, nobody expected such a tremendous rise in adoption for the internet of value created by Satoshi Nakamoto. In this article we will provide a solution to one of bitcoins biggest problem: lost BTCs.
Bitcoin is known for successfully adapting a community driven collaboration that goes beyond the sharing economy. Conventional wisdom and traditional ideating would tell you not to share your ideas, and let one entity control the executive decisions. Bitcoin has proven that community collaboration and open source protocol can work tremendously reaching an all time high market cap of $300 Billion in less than 10 years. Less NDAs, secrets, and centralized entities and more collaborations, transparency, and decentralization.
From Lightning Networks scalability solution, to wallet security, and global adoption, bitcoins community that consists of thousands of volunteers work non-stop to create a better network.
If the community does not agree on how to proceed with certain aspects of bitcoin, they can propose a fork. If they want to change an essential aspect of bitcoins network they can create a hard fork (for example bitcoin cash, bitcoin gold, bitcoin diamond etc) so future nodes deny old ones to change some rules.
Bitcoin Core is the biggest community of developers that intend to keep bitcoin values intact.
Lost bitcoins According to an article made by Fortune, there are around 4 million lost bitcoins forever. Chainalysis claims that 17%-25% of Bitcoins total supply has been lost forever due to original coins minted and early investors not paying attention to them, and transactions mismanaged. It is claimed that Satoshi Nakamoto owns around 1 million BTCs but no one can back that claim and they haven’t been in movement for years, maybe they are held as reserve when we mine all bitcoins? Anywho, according to the research there are $5-$20 Billion worths of bitcoins lost forever.
What if we could make a new bitcoin while containing all the original aspects and not hard forking it?
Token Swap Tokens that use Ethereums ERC20 standard and wanted to leave the network for their main network have used the token swap method. This method consists of migrating old tokens into the new protocol leaving the old ones behind useless. Tron, EOS, and Vechain have migrated all their tokens into the new protocol consisting billion of dollars in movement. This process is easier said than done, but it’s definitely possible.
Bitcoin token swap What if we would migrate all the bitcoins in circulation, keep all the components but take recreate all the “lost” bitcoins and set them aside for mining rewards, social impacts, or anything with a decentralized community driven vote. The scarcity of bitcoin will stay intact as there will be always 21 million bitcoins, but the mining reward can be increased to incentive more miners to join the network.
Some solutions for the 4 million bitcoins I can propose for good use is investing in the future of economical disasters countries such as Venezuela, Zimbabwe, and others. What if we can go beyond internet of value and create a direct impact on people’s lives in a decentralized manner where the community can decide a budget. Dash has a system that the community can propose a budget and the winning proposers take action to achieve their proposal. The 4 million BTC can act as budgeting for future initiatives that will help the community grow and make the world a better place. What other solutions or uses do you see good fit and fair for the 4 million Bitcoins? Let me know what you think, we are all trying to make the bitcoin network more reliable for different uses such as a store of value, currency, cross border transactions, investment tool etc.
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