Genesis Upgrade: Bitcoin’s rebirth – CoinGeek – CryptoNewsTo

Genesis Upgrade: Bitcoin’s rebirth – CoinGeek

February 4 is a special day for Bitcoin, but only those in the Bitcoin SV (BSV) ecosystem fully understand why.

While the original Bitcoin protocol was released on January 3, 2009, with the infamous and much-misunderstood Times headline in its Genesis block, those familiar with Bicoin’s history will be all too aware that the original Bitcoin lost its way, or more accurately, was deliberately driven off the rails by a shadowy cabal with an agenda.

What was designed as an infinitely scalable peer-to-peer electronic cash system was hijacked by a group of ideologically driven and corrupt developers in the pocket of Silicon Valley VCs and big data monopolies who wanted nothing more than to stop the Bitcoin protocol in its tracks.

Pretty soon, BTC became little more than a glorified pyramid scheme, pumped to unimaginable heights by fake United States dollar derivatives such as USDT as a propaganda machine that would have made Joseph Goebbels proud. The masses were convinced they could become rich by “HODLing” BTC, which, from a protocol perspective, was no longer Bitcoin at all.

Yet, Bitcoin’s creator, Satoshi Nakamoto, wasn’t going to let the invention he had worked on for decades die so easily. After being outed as Satoshi by Wired and Gizmodo, Australian entrepreneur Dr. Craig Wright gradually started to take back control of Bitcoin. This ultimately led to Bitcoin’s second Genesis on February 4, 2020.

A second chance to build a Bitcoin-powered world

It’s an old saying that there are no second chances in life, but like all old sayings, there are exceptions. Thankfully, the original Bitcoin is alive and well, and with the Genesis protocol upgrade, its original capabilities were restored. Thanks to Bitcoin’s second Genesis, led by its inventor and the true believers in the original protocol, we have a second chance to build a Bitcoin world.

With the return to unbounded block sizes determined by free market economics, alongside the reactivation of many of Bitcoin’s original capabilities, including the ability to use so-called smart contracts to create applications on the blockchain, Bitcoiners were given another chance to create the world they originally envisioned before BlockstreamDigital Currency Group, and others seized control.

What sort of world is this? A world where true peer-to-peer transactions are possible, where unlimited transactions can be sent and received globally in seconds for fractions of a cent, and in which micropayments power new economies and unlock new business models.

The bigger picture is that the very internet itself will be transformed as the parasitic middlemen and data extractors are stripped of their power, and the original dream of the internet pioneers comes true. Metanet will see the web powered by micropayments with true data ownership and sovereignty returned to the people, solving many of the problems created by how the internet works today.

Ultimately, everything will change in a Bitcoin-powered world. Nothing will be the same, and in a few decades, historians will look back and see just how monumental an event the return to Genesis was.

While February 4 may only be celebrated by a relative handful of BSV supporters today, it will be remembered as the second most important day in Bitcoin’s history. 11 years, one month, and one day after the original Genesis block came the restoration of the original creation and the resetting of the foundation upon which the new world will be built.

Let’s take the time to celebrate what has been achieved so far while we dream, build, and create the future!

Watch: A World of Good

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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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