The Adam Back tweet above is powerful in its simplicity. Back is a well-known figure in the Bitcoin and cybersecurity communities. He is a British computer scientist and cryptographer who has made significant contributions to the field of blockchain technology and digital currencies. Back is credited with creating the concept of Hashcash, a proof-of-work system that helps prevent email spam and denial-of-service attacks. The idea behind Hashcash served as an inspiration for the proof-of-work algorithm used in Bitcoin mining, which is a fundamental component of the cryptocurrency’s security and consensus mechanism.
Back is also the co-founder and CEO of Blockstream, a blockchain technology company focused on developing infrastructure and applications for Bitcoin. Blockstream has been involved in various initiatives, including the development of the Lightning Network, a layer-2 scaling solution for Bitcoin that aims to enable faster and cheaper transactions.
Due to his expertise and contributions to the field, Adam Back is recognised as one of the key figures in the early development of Bitcoin and blockchain technology. He has been an active participant in conferences and discussions related to Bitcoin, cybersecurity, and privacy-enhancing technologies.
There will be few altcoins that have real world utility, many will come and go. Bitcoin simply can’t be compared to altcoins or more broadly, “crypto”. It is the only digital asset that satisfies the test when it comes to elements that identify hard money and a reliable store of value. It is therefore the most trusted digital asset and the reason why Australians are turning to Bitcoin superannuation. There is no second best.