Bitcoin goes beyond the white paper: code governance dominance has been achieved as the halving event approaches

2024 is seen as a transformative year for Bitcoin, with a halving event on the horizon. Has Bitcoin evolved beyond its white paper?

The Bitcoin halving event, expected in April, is the most pivotal moment in 2024 for the biggest cryptocurrency. At the same time, this year will also mark the 16th anniversary of Bitcoin’s white paper.

As attention has focused on Bitcoin and its market performance, a key feature has emerged: Bitcoin’s operations and governance are dictated by its code rather than its “constitution”.

While Bitcoin’s code is detailed in the white paper, this distinction is critical as the market continues to evolve beyond the original concept outlined in “Bitcoin: A Peer-to-Peer Electronic Cash System”.Bitcoin mining

Bitcoin Code Before White Paper

Joe Carlasare, a business litigator and Bitcoin advocate, emphasized in an article on X that the white paper does not cover all aspects of today’s Bitcoin.

He said, “Bitcoin is not a white paper and never has been.” In particular, he pointed out that the white paper does not specify a cap of 21 million bitcoins, a key element of Bitcoin’s inflation-proof design.

Cryptocurrency commentator and author Jason A. Williams commented on the lack of block sizes in the whitepaper, another important element of BTC’s functionality.

Community members joined the conversation. Cybersecurity and cryptocurrency influencer Kurt Wuckert Jr. stated, “If the whitepaper is the controlling document, then Satoshi Nakamoto is the trustee for the issuer of Bitcoin until it becomes a commodity and is regulated.”

Wuckert Jr. also noted that the fact that many developers contribute as individuals rather than as companies or organizations adds to the complexity.

He added, “The second-order effect of your position is that the repurchase agreement is controlled by trustees, and every time there is a major change in the code, the network becomes more and more like a secure platform controlled by trustees.”

BTC Price in the Spotlight

Meanwhile, user Asher Hopp questions the notion that Bitcoin’s code is its final rule. He argues that the community’s response to issues such as the inflation vulnerability shows that governance is not limited to testing the validity of the code, but rather reflects a collective approach to governance.

Satoshi Nakamoto himself has stated in reports on the development of Bitcoin that the whitepaper was the final step in his process, and that he only began writing it after he had resolved all of the potential problems in the code.

In a 2008 letter to Hal Finney, Satoshi Nakamoto is said to have said, “I actually did the opposite of this. I had to write all the code before I could convince myself that I could solve all the problems before I wrote the paper.”Bitmain Miner

The identity of Satoshi Nakamoto remains a topic of interest in these discussions. In this context, Craig Wright, the Australian computer scientist who claims to be the pseudonymous creator, has been on trial by the community and the law.

In this regard, the debate continues as Bitcoin’s technology and markets evolve.

According to CoinGecko, the price of BTC has fluctuated between $41,430 and $42,217 in a 24-hour range at the time of writing. While its all-time high was reached in November 2021 at $69,044, the last dramatic all-time low was in 2013, according to CoinGecko.