Bitcoin’s Trustless Nature Adds Trust To The Internet

Stephen Thompson is a senior technical editor at LQwD Fintech Corp. He was a Bitcoin researcher and investigator at BIGG Digital Assets, carrying out Bitcoin investigations with analysis of on-chain and off-chain information.

Trust is the lifeblood of all social interactions. In an environment with high levels of trust, people can make transactions in full confidence that their counterparties are who they say they are, and will behave to both party’s satisfaction. If there is low trust in a society, the social consequences are manifold, unpredictable and often violent. People build structures and institutions that act as proxies for trust, but those structures can go wrong in ways that can become detrimental to everyday social life. For example, a bank’s network fails, leaving a transaction incomplete; a government that starts doing the opposite of what it says it will do; a website claiming to uphold free speech that starts censoring undesirable comments.

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