The Value of Bitcoin
Bitcoin has proven over the past decade that it is both a mechanism of commerce on the Internet, allowing users to rely less on traditional financial institutions, as well as a store of value for bitcoin holders. Both of these functions are only expected to grow over time.
Bitcoin is the peer-to-peer cash system its inventor envisioned in the original white paper; a financial transaction system used by millions of users everyday eliminating the need of a third party by effectively permitting non-reversible transactions. With traditional transactions, even if a third party can be trusted, too often one or more of the transactional parties may not have complete control over it, as in the case where a transactional-intermediary block or freezes a transaction.
Dealing with the Unforeseeable Problem
- x: the corresponding Bitcoin Core legacy block hash
- y: a renewable mining certificate with extended signature of miner’s Bitcoin LC coinbase address with the expiration timestamps
- z: root certificate signature of the bitcoinlc.org foundation with expiration timestamps