summary: As more Bitcoin businesses emerge, it's important to consider how they can support an open sourced, decentralized P2P paradigm. By enabling proper self custody, settlement, on-ramps for global users, and stronger privacy, these businesses can help advance the Bitcoin ecosystem as a whole.
published_at: 1634422800
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Bitcoin was created as a decentralized, peer-to-peer (P2P) currency that would allow users to transact without relying on banks or other intermediaries. However, as the ecosystem has grown, many businesses have emerged that offer Bitcoin-related services, such as exchanges, wallets, and payment processors. While these businesses can provide valuable services to users, they can also create central points of control that undermine Bitcoin's decentralized nature.
To support an open sourced, decentralized P2P paradigm, Bitcoin businesses must prioritize certain key features. First and foremost, they must enable proper self custody, allowing users to hold their own private keys and control their own funds. This is essential for maintaining the security and privacy of Bitcoin transactions. Businesses must also prioritize settlement on the Bitcoin network, rather than relying on intermediaries or off-chain solutions. By settling on the Bitcoin network, businesses can help strengthen the network and ensure that it remains decentralized.
In addition, Bitcoin businesses must prioritize on-ramps for global users, enabling people from all over the world to access Bitcoin and participate in the ecosystem. This can help to spread adoption and ensure that the benefits of Bitcoin are accessible to everyone, regardless of their location. Finally, businesses must prioritize privacy, by implementing technologies such as Manual CoinJoin and other privacy-enhancing measures that help to obscure the identity of Bitcoin users.
By prioritizing these features, Bitcoin-related businesses can help to advance the Bitcoin ecosystem as a whole, supporting the open sourced, decentralized P2P paradigm that is at the heart of the Bitcoin vision. By working together to build a more decentralized and secure Bitcoin ecosystem, we can ensure that Bitcoin remains a powerful tool for financial freedom and sovereignty for years to come.
