“Initially, the Internet was dramatically inferior to conventional communications networks, but over time Internet applications became increasingly sophisticated. Today, the Internet’s capabilities are much greater than those of the conventional services overseen by the ITU. Bitcoin applies the same philosophy to payment networks. Rather than trying to build every feature into the core protocol, the creator of Bitcoin defined a simple, flexible way to transmit money. The system leaves it to others, like Bitpay, Coinbase and firms that haven’t been founded yet, to build secure, user-friendly payment applications on top of that basic infrastructure. It’s impossible to predict what those services will look like.”
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