30s Summary

Bitcoin has the capability for much more, according to Jeff Garzik, co-founder of Hemi and Bitcoin developer, speaking on The Agenda podcast. Despite Bitcoin becoming a successful exchange medium and asset, Garzik identified its complexity and transaction cost as obstacles. He proposes enhancing Bitcoin by integrating it with the Ethereum ecosystem, contouring extensively fluctuating transaction fees and making Bitcoin transactions smoother through Hemi. Early in Bitcoin’s developments, he was worried about breaking the Stamp Payments Act of 1862, with the goal of making Bitcoin more widely used.

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Ever since Bitcoin first showed up on Halloween 2008, it’s done a huge U-turn from a playful dream to a massive powerhouse shaking up the finance world.

Despite Bitcoin’s mind-boggling journey, lots of folks reckon we ain’t seen nothing yet and there’s way more it can do.

Recently, in the 50th episode of The Agenda podcast, hosts Ray and Jonathan had a chat with Jeff Garzik, co-founder of Hemi and a Bitcoin developer. He shared some crazy stories from Bitcoin’s early days and talked about how Hemi wants to make Bitcoin even better by pairing it with the Ethereum ecosystem.

Bitcoin has been a hit as a medium of exchange and a valuable asset, but it’s a bit of an underachiever when it comes to other stuff like decentralized finance and applications. In comparison, Ethereum and Solana are giving it a run for its money in these areas. According to Garzik, the complex nature of Bitcoin’s code and the cost of transactions when the network is congested are some of the roadblocks.

Drawing a parallel with highway traffic, Garzik explained that just like congestion pricing on highways, if there are too many transactions on the Bitcoin network, the fees skyrocket. But if it’s calm, you might get away with lower fees or even no fees.

Garzik also mentioned how Hemi is really optimistic about the future of Bitcoin. He sees a world where Bitcoin transactions become super-smooth and are part of our everyday lives – kind of like the next big step in Bitcoin’s evolution.

These days, the first thing that comes to mind when you hear “Bitcoin” is probably its price. But Garzik insists that there’s a whole lot more to Bitcoin than just its dollar value. He sees Bitcoin as another example of how open source technology has a positive impact on our daily lives.

Looking back at his early days as a Bitcoin developer, Garzik remembered how he and others were scared of getting arrested for potentially breaking the Stamp Payments Act of 1862. Their main goal was to get people to use Bitcoin as a real-world currency.

To learn more from Garzik’s chat with The Agenda – including his vision for Bitcoin’s future and more fun stories from the early Bitcoin days – check out the full episode on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And remember to check out Cointelegraph’s other great shows!