Latest news with #BitcoinCore
Yahoo
4 days ago
- Business
- Yahoo
Bitcoiners roast Elon Musk's new ‘Bitcoin-style' XChat
Bitcoiners roast Elon Musk's new 'Bitcoin-style' XChat originally appeared on TheStreet. Elon Musk wants X to become the most secure communication platform on the planet. But his latest branding choice has left the crypto world confused, and a little amused. On June 1, Musk announced XChat, a new feature for X (formerly Twitter) that includes encrypted messaging, vanishing messages, file sharing, and audio/video calling — all without needing a phone number. The architecture is reportedly built on Rust, and as Musk described it, uses 'Bitcoin-style encryption.' That phrasing triggered an instant response from Bitcoin experts. 'Brother w*f is bitcoin style encryption, bitcoin literally doesn't have any encryption in it whatsoever,' wrote Taproot Wizards contributor Udi Wertheimer, whose tweet quickly racked up over half a million views. Short answer. Not in the way you think. Despite being one of the most secure financial systems ever created, Bitcoin does not use encryption to keep data private. Instead, it relies on cryptographic hashing and digital signatures, both critical tools in cryptography, but not encryption. Hashing (like SHA-256) is used to generate unique fingerprints of data, crucial for mining and verifying transactions. Digital signatures (using ECDSA or Schnorr) ensure that only someone with the correct private key can authorize a transaction. As Wertheimer explained, encryption is when you take a message and keep it secret from everyone but the intended recipient. Bitcoin doesn't hide anything. Every transaction is open, auditable, and publicly visible on the blockchain — that's part of its entire design. 'Seriously, what is Bitcoin-style encryption?' asked cryptographer and assistant professor Ian Miers. 'Bitcoin primarily uses signatures, not encryption. This is like saying, we decided to run our rocket on water, since NASA uses hydrogen and oxygen.' Some users pointed out that Bitcoin Core implemented BIP-324, a proposal to encrypt peer-to-peer (P2P) network messages, in 2023. That means nodes talking to each other on the Bitcoin network can now encrypt their communication — but this is not the same as encrypting transactions or wallets. So while there's some encryption involved at the networking layer, it's misleading to suggest that Bitcoin's core value proposition revolves around encryption. Even Wertheimer admitted he may have jumped the gun: 'I might have to stop tweeting about bitcoin forever… turns out they do have some encryption in Bitcoin Core for the P2P protocol since 2023. Elon knows more about Bitcoin than I do. It's over, bye.' Musk was probably referring to end-to-end encryption and threw in 'Bitcoin-style' as shorthand for peer-to-peer privacy and decentralization — even if the terminology isn't accurate. As crypto OG Wei Dai speculated: ''Bitcoin-style' ~= 'peer-to-peer' ~= 'end-to-end'... So 'Bitcoin style encryption' means 'end-to-end encryption'.' Musk's XChat may very well offer a solid privacy layer for communications. But if you're calling it "Bitcoin-style encryption," be ready for pushback — because in Bitcoin, transparency is the feature, not the bug. And if you're going to cite the world's most open protocol, maybe… read the whitepaper first. TheStreet Roundtable reached out to X for clarification on what Musk meant by 'Bitcoin-style encryption.' This story will be updated if and when the company responds. Bitcoiners roast Elon Musk's new 'Bitcoin-style' XChat first appeared on TheStreet on Jun 2, 2025 This story was originally reported by TheStreet on Jun 2, 2025, where it first appeared.
Business Wire
28-05-2025
- Business
- Business Wire
Blockstream Unveils 'Future of Finance Runs on Bitcoin' Vision at Bitcoin 2025
LAS VEGAS--(BUSINESS WIRE)--Blockstream, the global leader in Bitcoin-powered financial infrastructure, has today revealed its strategic vision to support Bitcoin's next pivotal phase of growth, building on over a decade of pioneering work at the forefront of Bitcoin innovation. Blockstream CEO Adam Back launches consumer app and showcases the firm's evolving enterprise platform at Bitcoin 2025, advancing its vision that The Future of Finance Runs on Bitcoin. Unveiled in a keynote by Blockstream Co-Founder and CEO Dr. Adam Back at Bitcoin 2025 in Las Vegas and anchored by a bold new tagline, The Future of Finance Runs on Bitcoin, the vision introduces a clear framework based on three core business units—Consumer, Enterprise and Blockstream Asset Management (BAM). This framework represents a unified approach to onboarding users across the rapidly growing Bitcoin economy, from individuals to institutions. 'The past year has shown clearly that Bitcoin no longer sits on the margins of the global financial system—it is rapidly becoming the foundation,' said Dr. Back. 'Our vision is simple: The Future of Finance Runs on Bitcoin. Guided by this idea, Blockstream is working hard to build the vertically integrated platform to support that transition, from individual self-custody to enterprise-scale asset issuance and regulated investment products.' A New Era for Bitcoin-Native Finance According to crypto ETF analytics platform SoSoValue, Bitcoin has attracted over $41 billion in net ETF inflows alone since the launch of U.S. spot ETFs in early 2024, led by major institutions such as BlackRock, Fidelity, and Franklin Templeton. At the same time, New Hampshire and Arizona have become the first U.S. states to pursue Strategic Bitcoin Reserves and the number of corporate treasuries holding Bitcoin continues to climb. With a market cap of just over $2 trillion and trillions settled annually on-chain, Bitcoin's role as a legitimate financial layer is increasingly clear, hastening the need for scalable infrastructure. Blockstream has been building that infrastructure for over a decade. Founded in 2014 by Dr. Adam Back—inventor of Bitcoin's proof-of-work (PoW) mechanism—the company has focused from the outset on expanding Bitcoin's functionality without compromising its foundational principles. Blockstream Research, led by renowned cryptographer Andrew Poelstra, is a key contributor to Bitcoin Core and drives advances in applied cryptography and protocol development. On the product side, Blockstream maintains Core Lightning (CLN) for scalable payments, the Liquid Network and Blocksteam Asset Management Platform (AMP) for tokenized asset issuance and settlement, as well as self-custody tools including the open-source Jade hardware wallet. The All-New Blockstream App—Self Custody on Your Terms Headlining today's keynote was the launch of the all-new Blockstream app—a streamlined, self-custodial experience that lets users buy bitcoin and secure it immediately in their own wallet. Built on the foundation of the trusted Blockstream Green wallet, the updated app offers seamless support for managing Bitcoin and Liquid assets within a redesigned interface tailored to both new and experienced users. The Blockstream app is designed to make onboarding intuitive from day one, minimizing friction while staying true to the principles of self-custody. Users can begin simply and gradually adopt more advanced features at their own pace—including hardware signing and air-gapped transactions with the Blockstream Jade. Current Blockstream Green users will find all existing functionality preserved within the redesigned interface. With support for 31 languages, the app makes Bitcoin accessible to anyone with a smartphone, opening the door to secure, sovereign finance worldwide 'The new Blockstream app isn't just a wallet,' said Peter Bain, VP of Consumer Products at Blockstream. 'It's a gateway to the full power of Bitcoin—enabling secure savings, fast payments, and seamless management of tokenized assets, all within an intuitive interface designed for both newcomers and hardcore bitcoiners.' Blockstream Enterprise: Accelerating the Development of Bitcoin-Native Financial Infrastructure Dr. Back also used his keynote to highlight the growing importance of Blockstream Enterprise, the company's evolving platform for corporations, governments and participants across the broader financial sector. Underpinned by the Liquid Network and Blockstream AMP, the platform enables secure asset issuance, as well as treasury and balance sheet management. It also facilitates integration with custodians, exchanges and core financial systems via industry-standard FIX and REST APIs. With the first iteration of AMP already available and additional features rolling out over time, the platform builds on Liquid's momentum, which recently surpassed $3.27 billion in total value locked (TVL). In doing so, it provides a Bitcoin-native foundation for tokenization and institutional settlement focused on regulated custody, compliant off-exchange settlement, and programmable financial instruments. 'As capital markets evolve, businesses, institutions, and governments will need infrastructure that is secure, programmable and built directly on Bitcoin's rapidly growing network,' said Dr. Back. 'Blockstream Enterprise brings that infrastructure together—enabling asset issuance, management, and settlement on Liquid, Bitcoin's first and most battle-tested sidechain.' Unifying Consumer, Enterprise, and Institutional Products Today's keynote marks a strategic inflection point, aligning Blockstream's efforts across the three market segments it serves. In 2024, the company raised $210 million to accelerate development and launched Blockstream Asset Management (BAM), a dedicated division focused on institutional-grade Bitcoin investment products. The company has also deepened collaborations with regulated custodians, corporate treasuries and financial service providers to support the integration of Liquid and AMP into existing financial infrastructure. The Future of Finance Runs on Bitcoin The vision laid out by Dr. Back reflects Blockstream's conviction that Bitcoin is no longer just a $2 trillion asset class but a settlement layer, a development platform, and the most credible foundation for building the next financial system. 'The financial world is waking up to what we've known for years,' said Dr. Back. 'Bitcoin is here to stay —and it's never been easier to build on it. From first-time users to trillion-dollar institutions, our aim is to give everyone the tools to participate in this new economy, with the transparency, security and resilience that only Bitcoin can provide.' To learn more visit Booth 2121 at Bitcoin 2025 or visit Download the new Blockstream app today and take control of your Bitcoin—on your terms. Institutions, enterprises, and governments interested in building on Bitcoin with Liquid and AMP can connect with the Blockstream team directly at business@ About Blockstream Founded in 2014, Blockstream is a global leader in Bitcoin and blockchain infrastructure, with offices and team members distributed around the world. Serving as the technology provider for the Liquid Network, Blockstream offers a sidechain solution that enables secure, trustless Bitcoin swap settlements and robust smart contracts, empowering financial institutions to tokenize assets efficiently. The company's Core Lightning is a leading implementation of the open Lightning Network protocol, widely adopted for enterprise Bitcoin Lightning Network deployments. Blockstream Jade, an open-source hardware wallet, delivers advanced security for Bitcoin and Liquid assets in an easy-to-use form factor. For consumers, Blockstream app is a highly secure and user-friendly Bitcoin wallet. Disclaimer This press release contains forward-looking statements, including but not limited to statements regarding the expected launch timeline of the Blockstream Enterprise platform and time to market of Blockstream Asset Management products. Other 'forward looking statements' may, without limitation, include statements that are preceded by, followed by, or include the words 'believes,' 'expects,' 'anticipates,' 'intends,' 'plans,' 'estimates,' 'foresees,' or similar expressions, and other statements concerning anticipated future events and expectations that are not historical facts. Actual results may differ materially due to regulatory developments, competition from other hardware and technology services providers (in the case of Jade and the app) and both traditional finance and crypto native managers (in the case of BAM), market conditions and other risks. Actual results may differ materially. Blockstream undertakes no obligation to update these statements. Blockstream is not a registered investment, legal, or tax advisor. Nothing in this communication should be construed as investment advice or a solicitation to buy or sell any financial instrument.
Time of India
15-05-2025
- Business
- Time of India
Bill Gates dethroned? Bitcoin creator Satoshi Nakamoto now worth more than Microsoft mogul amid crypto price rally
Satoshi Nakamoto , the creator of Bitcoin, is now wealthier than Microsoft co-founder Bill Gates , according to a report, following a fresh uptick in Bitcoin prices after the US-China trade deal led to optimism. Bitcoin's Creator Quietly Climbs the Wealth Ranks As of May 14, the wallet commonly believed to belong to Nakamoto held some estimated $113.8 billion in Bitcoin, found blockchain analytics firm Arkham, reported Benzinga . That figure puts Nakamoto ahead of Gates, whose net value is around $112.9 billion, as monitored by Forbes' Real-Time Billionaires list. If Nakamoto was officially placed on Forbes, they would be ranked as the 12th richest individual in the world, reported Benzinga. Benzinga reported that, it is collectively estimated that Satoshi holds around 1.1 million Bitcoin, or around 5% of the circulating supply of the coin. ALSO READ: U.S. banks sitting on $500 billion in unrealized losses as stagflation fears raise alarms of a repeat of Silicon Valley Bank-like collapse Presently, Tesla and SpaceX CEO Elon Musk tops this super-rich list with an accumulated wealth of $395.6 billion, according to the report. Live Events Theoretically, if Nakamoto is to become the world's richest, the price of Bitcoin must reach $360,000 or more, which is presently an unrealistic expectation, reported Benzinga. The Identity Mystery Lives On While, Nakamoto's real identity is still unknown and has remained a focus of keen speculation since the dawn of Bitcoin in 2009, as per the report. Different names, such as Bitcoin Core developers Peter Todd, Len Sassaman, and Nick Szabo, have been attributed to the mysterious personality over the years, according to Benzinga. ALSO READ: Tesla rejoins the $1 trillion club, but troubling China data sparks investor doubts about what's really driving growth A documentary which was aired last year, titled 'Money Electric: The Bitcoin Mystery", claimed that Todd was Nakamoto, however, Todd was quick to deny the claim, reported Benzinga. FAQs Who is Satoshi Nakamoto? Satoshi Nakamoto is the pseudonymous creator of Bitcoin, as per reports. Their real identity has never been confirmed. Could Satoshi Nakamoto become the richest person in the world? Only if Bitcoin hits $360,000 per coin. That would put Nakamoto ahead of Elon Musk.
Yahoo
13-05-2025
- Business
- Yahoo
Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator's Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto's Sharp Rebound
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin's (CRYPTO: BTC) pseudonymous creator, Satoshi Nakamoto's estimated fortune has surged sharply, surpassing that of tech billionaire Bill Gates. What happened: As of this writing, the wallet linked to Satoshi owned about $113.8 billion in Bitcoin, according to blockchain analytics firm Arkham. Notably, the wealth of Microsoft co-founder Gates was estimated at $112.9 billion, according to Forbes' Real-Time Billionaires list. Had Satoshi been ranked here, they would be the 12th-wealthiest person in the world. Don't Miss: Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account. It is collectively believed that Satoshi owns roughly 1.1 million Bitcoin, making up 5% of the coin's circulating supply. Currently, Tesla and SpaceX CEO Elon Musk is ranked first on this super-rich list, with an eye-popping fortune of $395.6 billion. Theoretically, for Satoshi to become the world's wealthiest, Bitcoin's price has to hit $360,000 or above, which is currently an unrealistic expectation. Why It Matters: Nakamoto's true identity is yet to be revealed and is a subject of intense speculation since the inception of Bitcoin in 2009. Various figures, including Bitcoin Core developers Peter Todd, Len Sassaman, and Nick Szabo have been linked to the mysterious personality over the years. A documentary titled 'Money Electric: The Bitcoin Mystery" aired last year, claiming that Todd was Satoshi. Todd was quick to deny the claim. The surge in Satoshi's wealth coincided with Bitcoin's sharp recovery induced by U.S.-China trade deal optimism. Photo Courtesy: Szabolcs Magyar On Read Next: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Send To MSN: Send to MSN This article Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator's Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto's Sharp Rebound originally appeared on
Yahoo
06-05-2025
- Business
- Yahoo
RETURN Limit Removal in Next Release
The debate over Bitcoin's OP_RETURN heats up, as developers of Bitcoin Core – the most popular node software – said they plan to scrap OP_RETURN entirely in the next release. The OP_RETURN limit is an 80-byte cap on the amount of arbitrary data that can be embedded in a Bitcoin transaction using a special, unspendable output field. 'Large-data inscriptions are happening regardless and can be done in more or less abusive ways,' said Core contributor and Engineer at Blockstream Greg Sanders, known as 'instagibbs,' in a post on Github announcing the removal. 'The cap merely channels them into more opaque forms that cause damage to the network.' The debate centered on whether lifting the 80-byte OP_RETURN limit promotes transparency and simplifies data use on Bitcoin, or whether it opens the door to abuse, spam, and a shift away from Bitcoin's financial focus. On Github, Sanders added that enforcing the cap has created perverse incentives pushing users to embed data in fake public keys or spendable scripts. Removing the limit, he argues, 'yields at least two tangible benefits: a cleaner UTXO set and more consistent default behavior.' Not everyone is convinced. Core developer Luke Dashjr has long viewed inscriptions and other data storage as spam, and warned in April 2025 that this change was 'utter insanity.' Amid the controversy, Bitcoin Knots, also maintained by Dashjr, has seen growing adoption, hitting approximately 5% share of all nodes. ( Bitcoin Knots, a more customizable fork of Bitcoin Core, appeals to users seeking greater control over what their nodes relay or store, including allowing users to reject non-payment transactions like inscriptions. Some prominent thought leaders in the industry, like Samson Mow, are encouraging node operators not to upgrade their version of Bitcoin Core, or use Knots instead. Sanders defended the removal of the cap as aligned with Bitcoin's ethos: minimal, transparent rules. 'By retiring a deterrent that no longer deters,' he wrote, 'Bitcoin Core lets the fee market arbitrate competing demands.' But that isn't bringing much consensus. 'This marks a fundamental shift in the direction of Bitcoin,' one commenter warned on GitHub. "This is the largest mistake Core can make at this juncture," another on Github added. 'I want to be on the record saying that.' CORRECT: (May 6, 08:14 UTC): Removes "former" developer from seventh paragraph.
