Bitcoin’s Code-Based Evolution in 2024

Bitcoin halving event scheduled for April is the most critical moment for the largest cryptocurrency in 2024. This year would also be the 16th anniversary of the Bitcoin White Paper.

As attention remains on Bitcoin and its market performance, a critical feature emerges: Bitcoin’s operation and governance are determined by its code rather than its ‘constitution.’

While Bitcoin’s code is specified in the white paper, the distinction is crucial as the market continues to evolve beyond its initial concept outlined in “Bitcoin: A Peer-to-Peer Electronic Cash System.”

Also Read: Bitcoin Hashrate in Recovery Mode as Price Holds Key Support

Bitcoin code before the white paper

Commercial litigator and BTC advocate Joe Carlasare emphasized in a post on X that the white paper does not encompass all aspects of Bitcoin as it exists today.

He said, “Bitcoin is not the white paper and it never has been.” He specifically notes the absence of the 21 million Bitcoin cap in the white paper, a critical aspect of Bitcoin’s design to prevent inflation.

Crypto commentator and author Jason A. Williams remarks on the absence of a block size in the white paper, another significant element in BTC’s functionality.

The community members added to the conversation. Cybersecurity and crypto influencer Kurt Wuckert Jr. said, “If the white paper is the controlling document, Satoshi is the fiduciary as the issuer of bitcoin until it is set in stone long enough that it becomes regulated as a commodity.”

Wuckert Jr. also points out the complexity added by the fact that many developers contribute as individuals, not as part of a corporation or organization.

He added, “The second order effect of your position is that controllers of the repo are fiduciaries, and every time the code is materially changed, the network becomes more and more of a fiduciary-controlled security platform.”

BTC price in focus

Meanwhile, user Asher Hopp challenges the idea that Bitcoin’s code is its ultimate rulebook. He argues that the community’s response to issues like inflation bugs, which could breach the 21 million supply cap despite passing code validity tests, demonstrates a collective approach to governance beyond just the code.

Nakamoto himself, in reports about the development of Bitcoin, indicated that the white paper was the final step in his process, written only after he had resolved all potential issues in the code.

“I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper.” Nakamoto is said to have written this to Hal Finney in 2008.

Amidst these discussions, the identity of Satoshi Nakamoto remains a topic of interest. In the background, Australian computer scientist Craig Wright, who claims to be the pseudonymous creator, has been on a community and legal trial.

With that, the debate continues alongside Bitcoin’s technological and market evolution.

At press time, BTC’s price fluctuates within a 24-hour range of $41,430 to $42,217, according to CoinGecko. While its all-time high of $69,044 was reached in November 2021, its last dramatic all-time low was back in 2013.

Also Read: Bitcoin Critic Jamie Dimon Warns of US Economy Collapse

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Shraddha’s professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.