The Museum of Bitcoin (BTC) at the North American Bitcoin Conference in Miami

Satoshi Nakamoto is a cypherpunk, and Bitcoin was originally released on the cypherpunk mailing list. 467 masks decorated the room, representing …

Listen to the audio walkthrough of the Museum of Bitcoin.

Tucked into the corner of the dining room at The North American Bitcoin Conference in Miami was a small makeshift building, and a glimpse through the door revealed a metallic room with constantly fluctuating neon lights.

Crypto.IQ investigated, and inside was one of the first Bitcoin museums in the world. Heath Hawkins, the head of creative at Proxley, gave Crypto.IQ an in-depth tour of the Bitcoin museum. Each room had a separate theme and numerous interesting art pieces.

The first room was the cypherpunk movement, which was a movement defined by coders who were creating anonymity technology to enhance freedom. Satoshi Nakamoto is a cypherpunk, and Bitcoin was originally released on the cypherpunk mailing list. 467 masks decorated the room, representing the multitudes of anonymous cypherpunks who got Bitcoin started.

The second room was the Bitcoin genesis room, and there was a genesis block sculpture with abstract paintings on each side to represent the abstract thought that went into the creation of Bitcoin.

There is also a throne made of blocks with the words “I am Satoshi Nakamoto” above it. The throne is empty because the public does not know Satoshi’s identity to this day.

A painting of “Mount Faketoshi” resides in the genesis room, with paintings of several people who were said to be Satoshi but later debunked including Elon Musk, Craig Wright, Hal Finney, and Dorian Nakamoto.

The tour continues into the Bitcoin pizza room, to commemorate the two large Papa John’s pizzas that were purchased for 10,000 Bitcoins. This was the first time that Bitcoin was used to purchase real goods, and these are perhaps the most expensive pizzas in history. A couple of large inflatable pizzas are on the wall, and there is a stack of Papa John’s pizza boxes with a 10,000 Bitcoin price tag.

Additionally, there were tweets in frames on the wall showing people who dumped Bitcoin way too early in 2011.

In the next room is Ross Ulbricht’s prison cell. Ulbricht is the Founder of Silk Road and worked under the pseudonym Dread Pirate Roberts. The Silk Road was important for increasing Bitcoin adoption in the early days of Bitcoin.

Ulbricht got a double life sentence plus 40 years despite major Silk Road drug dealers getting much lower sentences. Ulbricht’s mother was at the conference gathering signatures for a petition to get a presidential pardon.

The next room in the Museum of Bitcoin was the 2014 bear market room, which was precipitated by the collapse of Mt. Gox. There is a Mt. Gox sculpture in the room.

There is a Bitcoin price chart for 2014 on the wall, and the graph is surprisingly similar to the 2018 bear market.

The last room in the Museum of Bitcoin is future themed. It looks like a room from outer space, with stunning 3D and animated Bitcoin visuals. There is a Bitcoin logo that responds to touch. There is also a virtual reality game in the room where users literally can go into another dimension, and there are plans to make an entire virtual reality room in the museum in the future.

Unfortunately, the Museum of Bitcoin has been torn down since the North American Bitcoin Conference is over. There are hopes however for a bigger and more permanent Museum of Bitcoin in the future.

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Crypto Exec: Bitcoin Is For Value Storage, Not Cash

He had to remind the world that the creator of Bitcoin, Satoshi Nakamoto, didn’t intend for the digital currency to serve as a form of digital money.

The blockchain industry has existed for a decade now, and so far, its growth has also come along with certain changes. However, Bitcoin has continued to maintain its fundamental value proposition. Some people have had conflicting opinions about the digital asset over the years. There have been arguments on whether BTC is a Store of Value (SoV) or a Medium of Exchange (MoE).

This led to network splits that resulted to a hard fork on 1st August 2018 which saw to the emergence of Bitcoin Cash (BCH), which many referred to as a “real” version of digital cash.

In line with the above events, one of the top crypto analysts felt challenged to bring the issue to rest and how did he do that? By going back to the beginning. He had to remind the world that the creator of Bitcoin, Satoshi Nakamoto, didn’t intend for the digital currency to serve as a form of digital money.

Bitcoin, A Digital Money Or Digital Gold?

An executive of the company called Blockchain, Dan Held, one of the leading industry participants, wrote on tweeter that “Satoshi’s Vision is a silly endeavor.”

Held or Hedl, as he’s sometimes called, stated that the school of thought which believes that “Bitcoin was first made for payments” is absurd. He affirmed that those who stand behind the MoE argument are those who decided to pick out a few quotes from Satoshi’s original posts to create a new narrative. Held stated that the original idea of Bitcoin is to be used as a SoV.

Held explained further that Bitcoin was created to be an alternative to banks. To support his opinion, he made reference to the Cardinal rules of the network which are, supply cap of 21 million BTC, ten-minute blocks, and block size caps. He went ahead to explain that they could have been changed if indeed Satoshi wanted Bitcoin to function as digital money.

There are others who also believe that Bitcoin can be described as gold rather than as the future of money. The founder of Gemini Exchange, the Winklevoss Twins, recently claimed that Bitcoin is “better at being gold than gold itself.” one of the twins, Tyler, said that with the continuous growth of Bitcoin, it would surely surpass its physical counterpart, gold.

BTC May Substitute For Fiat in the Future

All these arguments don’t completely rule out the future use of Bitcoin as digital money.

BitMEX’s chief executive, Arthur Hayes, in a recent blog post said that with the success of centralized digital money in taking over fiat, with platforms like WeChat Pay, Bitcoin also stands a chance of doing the same. He explained further that Bitcoin could position itself as a private alternative to the heavily centralized payment ecosystems such as WeChat Pay, once the mainstream adopts the Lightning Network fully.

Held also admitted to this when he wrote that the use case of Bitcoin would be logical “at maturity.”

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Cryptocurrency Executive Says Bitcoin Was Built To Be A Store Of Value Not A Medium Of Exchange

According to him, Satoshi Nakamoto did not create Bitcoin to serve as digital cash. Rather, it is an inherent gold that is meant to be a value store.
bitcoin price

Ever since its inception, there has been a debate about the built-in purpose of Bitcoin (BTC). While one camp claims BTC is a store of value, another camp believes Bitcoin is a medium of exchange. There is also a camp that believes Bitcoin works perfectly as a store of value and a medium of exchange. The debate was part of the reason why Bitcoin Cash was forked and referred to as digital cash. Until now, there hasn’t been a community consensus regarding the true nature and definition of Bitcoin.

Dan Held Says Bitcoin (BTC) Is A Store Of Value

Dan Held is a leading industry insider who recently set the record straight. According to him, Satoshi Nakamoto did not create Bitcoin to serve as digital cash. Rather, it is an inherent gold that is meant to be a value store. He said that Nakamoto’s vision for Bitcoin was silly and it doesn’t matter now because things have evolved. In his words:

“Satoshi’s Vision™ is a silly endeavor because it no longer matters what he had in mind when he built Bitcoin. The fact is that we are where we are today. Notwithstanding, Bitcoin wasn’t first made for payments. That’s just a narrative developers picked out of the white paper to suit themselves.”

His Twitter thread was extensive containing 47 parts. Part by part, he explained why Bitcoin was created to serve as a store of value. He referred to the ‘Bitcoin was first for payments’ theory as nonsensical. He made reference of several comments made by the anonymous creator of Bitcoin in which the developer used the word ‘gold’. Nakamoto also used terms like ‘commodity’ ‘, scarcity’ and ‘long-term growth’.

Held broke down the timing of the actions Satoshi took stating that the creator decided to launch BTC during the 2008 Global Financial crisis. This was no coincidence according to Held. He explained that Satoshi was purportedly born in 1975, the year United States citizens were allowed to purchase gold legally again.

Bitcoin (BTC) Price Today – BTC / USD

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Going further, Held explained that Bitcoin was created to serve as an alternative to fiat and the centralized banking system. It wasn’t created to be a new type of Visa. Held drew attention to the cardinal rules of the network stating that Satoshi would have altered these rules to promote Bitcoin as a medium of exchange if that was his intention. Instead of trying to increase block capacity, Nakamoto, during his/her years as a developer, wanted the BTC blockchain to remain as is. He didn’t try to change the blockchain capacity to make it more suitable for large scale use as a medium of exchange. Held concluded by saying those who promote the MoE narrative will get burned or disillusioned because it is counterproductive.

Keep in mind that Held isn’t the only industry insider who shares this sentiment. Many others have said that Bitcoin works better as digital gold than digital cash. Not too long ago, the Winklevoss twins said that Bitcoin is more efficient as the second coming of gold than the future of money. They believe that Bitcoin will keep taking up shares in gold’s market until it becomes more popular.

What do you think? Does BTC work better as a store of value or a medium of exchange?

The Times Newspaper Ad “Bitcoin Baby” Seeks College Tuition Donation Fees for Newborn

Also worth noting is the ad appears in the same newspaper where Satoshi Nakamoto (the pseudonymous individual responsible for the creation of …

Izabella Bowles might just be a week old but her parents are already looking to secure her educational future using Bitcoin. Through an ad posted over the weekend, Izabella’s parents are hoping to raise a decent amount of BTC so that their daughters’ future tuition fee will be taken care of.

More On The Matter

Last Saturday’s listing page on The Times looked quite different as amongst the many new reported births and marriages there was also a peculiar ad which read – “Bitcoin Baby”. Also worth noting is the ad appears in the same newspaper where Satoshi Nakamoto (the pseudonymous individual responsible for the creation of Bitcoin) famously derived his encoded genesis block headline.

Even though this is not the first time a family has tried to use such an ingenious method of raising funds for their child’s education, as far as we know, Bitcoin has never been used for such a purpose.

Lastly, it is also worth noting that the Bowles’ fundraising campaign has already garnered a positive response from the global BTC community— with little Izabella’s BTC address having already procured a total of 0.84 BTC from 75 transactions within a span of just 48 hours.

Final Take

As things stand, it is estimated that the average cost of four-year university education in the UK currently costs around $52,000. In this regard, Izabella’s tuition fund has already reached around 10% of its final target.

With that being said, opinions regarding this entire episode have been quite divisive, with many people calling this fundraising tactic a novel way of “begging”. Not only that, but some folks also have an issue with the fact that Izabella’s parents have used her real identity to raise money (which could, in the future prove disastrous since Izabella’s name will now forever be tied with a cryptocurrency).

Tim Draper Paid $18 Million For His First Bitcoin Batch, What’s it Worth Now?

If someone was to ask about fervent crypto investors, who would come to mind? For most Bitcoin enthusiasts and investors, Mike Novogratz, the …

If someone was to ask about fervent crypto investors, who would come to mind? For most Bitcoin enthusiasts and investors, Mike Novogratz, the Winklevoss Twins, and Tim Draper would be the first mentioned. And for good reason too, as the aforementioned four have invested copious amounts of time, money, and mental capacity into the nascent blockchain world.

Tim Draper, often clad in a grey suit, white dress shirt, and purple Bitcoin logo-studded tie, recently divulged his hero origin story, if you will, taking to Coindesk.

Related Reading: Tim Draper Keeps $250,000 Bitcoin Price Target, Says It Will be Bigger Than the Internet

Tim Draper — A Fervent Crypto Bull

To celebrate Bitcoin’s tenth birthday, Tim Draper, the world-renowned American venture capitalist and forward-thinker, wrote an op-ed piece for a recent Coindesk feature series. Draper, whose investor son also believes cryptocurrencies are also tantalizing, noted that it was fifteen years ago when he saw value in digital currencies.

However, a viable digital medium of value didn’t appear in Draper’s scope until 2011, when Peter Vincennes, chief executive at Coinlab, met with the investor to introduce him to Bitcoin. Vincennes and Draper hit it off near immediately, with the latter asking for the former to purchase $250,000 worth of BTC on Mt. Gox.

Draper was satisfied with his investment, keeping the coins on the now-defunct exchange in a likely state of naivety. But of course, Mt. Gox collapsed, with Draper losing his thousands of BTC, which he never really got his digital hands on, as it were.

Yet, later, Draper was given an opportunity to purchase cryptocurrency again, when the U.S. Marshall’s office auctioned nearly 30,000 BTC. The entranced venture capitalist, still reeling from the Mt. Gox collapse, decided to attend the auction, purchasing 29,656 coins at $632 apiece — $14 above the going rate on spot exchanges. In all, he spent $18.74 million on Bitcoin.

And since that day, he’s been overly optimistic about cryptocurrency and related technologies. This shouldn’t be much of a surprise, especially considering his beefy vested interest. Regardless, many have seen his perpetual, seemingly undying support of this asset class as a positive sign.

Even during 2017’s market run-up, which sent Bitcoin to $20,000, he didn’t sell his stack for fiat. And while many common Joes chirp at Draper for this, claiming that he’s an irresponsible investor, the venture capitalist is doing just fine financially.

Draper’s Bitcoin Outlook

At current rates, Draper would be left unscathed if he liquidated his Bitcoin stash, as he would still be able to secure $107 million if sufficient liquidity/demand is present. However, Draper, seemingly not willing to sell his BTC, sees even higher highs for this industry in the future.

The zealot, now emotionally involved in this industry, noted that there’s still “great potential” in Bitcoin. He noted that not only could BTC become a global, decentralized, frictionless store of value and digital cash, but blockchain could get implemented in some of society’s most important facets. Summarizing his points into a short and sweet quip, he wrote, “[blockchain] is honest, incorruptible, secure, and fair.”

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