Have you ever stopped to think about how those working to maintain Bitcoin’s open-source software are supported financially?
For any project, the community is the heart and soul that drives its success forward. It has the ability to drastically improve the likelihood of its triumph – especially for bitcoin. The world’s single best-performing digital currency didn’t appear out of thin air, no matter how hard the conspiracy junkies might have you believe.
The truth is a great majority of these developers actually receive very little to no funding despite the huge role they play in maintaining the Bitcoin codebase.
Even with crypto companies continuously pushing the limits of financial evolution to its peak, most of the people behind the curtain sacrifice almost everything to keep up a stellar record. Experimenting with different organisational and governance structures is no easy feat, nor is it inexpensive.
The industry is accelerating innovation in many ways, not just in terms of technology. Today big companies put all their resources and research in ‘intrapreneurs’ and try to create an environment of innovation for crypto communities.
Crypto communities aren’t just important to the crypto industry. The work they do adversely affects the undercurrent and base foundation for future fintech innovations. They have the capacity to influence how the rest of the world operates, with ecommerce and digital payments quickly becoming the new norm.
Not everyone realizes the importance of supporting such a discreet community, and we’re here to help you realize why you should.
Why don’t they have money?
The core of crypto, as established by Satoshi Nakamoto’s bitcoin whitepaper, is a peer-to-peer electronic cash system that eliminates the need for intermediaries like banks. This way of thinking had been the catalyst that further drove attention towards the fintech innovation field, albeit a very expensive investment it was.
The foundation of cryptocurrency, in that what makes it appealing, is the elimination of a third party involvement when it came to handling the goods. However, to spearhead this growth further, some outside intervention is what is necessary to be able to keep doing what they’re doing.
Take for example Bitcoin. Bitcoin Core is an open-source software that facilitates the use of the asset. Just as technology and companies are continuously developing, the Bitcoin codebase needs to be constantly updated. This is where the core developers come in, where they maintain the code and regulate the network almost around the clock, all voluntarily.
While the crypto industry has no doubt raised a generous amount of investments over the years worth billions of dollars, the development of open-source software still severely lack enough funding and volunteers to bear the grunt of the work. This is why it’s essential for a steady flow of sponsorship pillow the demanding workload that comes with managing digital currencies.
How can I help?
Developers work tirelessly to build and maintain bitcoin’s open-source network. There have been several arrangements to raise funds that have been tried over the years, all with varying degrees of success and longevity.
There are recognized companies that have dedicated programs to help support Bitcoin growth such as Blockstream, Square Crypto, Lightning Labs, Bitmex, and the likes. If you enjoy the complexity and accessibility of bitcoin or any other digital currency, you might wanna check those out and see if you can give a helping hand or two.
They say Rome wasn’t built overnight – it took a tedious amount of hard work, passion, and determination for the pillars to stand and hold. The privileges of enjoying open-source digital currency and accessible finance, all graciously given to us almost unassumingly by Bitcoin developers, should likewise not be taken for granted.