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  • Michael F. Gilbourne




Satoshi might be creating from writing the white paper in The 3 of Wands cards:

I realize that dividing interests and energies hurts me. I strive to be a storyteller, a writer and to keep a journal where I can fully express my thoughts and feelings.

I am developing my creativity. By writing the white papers and by creating Bitcoin anything can happen, things are in motion.


Story telling is one of the oldest art in this world. We know that historically, storytelling has been an active part of human life for thousands of years. Though we cannot pinpoint a start date to know how long precisely storytelling has existed, we can follow part of its evolution through history.

We can piece moments together by working through the various mediums humans have tailored in order to suit our evolution.

Storytelling can be found scattered in most human societies, popping up as myths, legends, or most commonly religion, and seems to be something that we binge and crave. “Tell me a story” is not just what young children say, but seems to be a mantra that we play on repeat in our daily lives.

It is this continuous human desire to be entertained that has allowed the storytelling methods to evolve from visual to oral to written and most recently to digital storytelling.

The thing is that storytelling telling other time is been told by the Victors. The last one standing tells his story of his tells:

Göring at the Nuremberg trial is reported to have said:

The victor will always be the judge, and the vanquished the accused.”

Bitcoin changes this old adage. Time stamp blockchain gets to write history in real time. It is a neutral bookkeeping ledger.

So how does Bitcoin Timestamping works and how history gets to be written block after block?

Bitcoin-based timestamping is a cryptographically secure, independently verifiable, and essentially free way of proving that a document existed at a certain point in time.

What Is It? "Timestamping" is a way of providing evidence that a certain thing (ie: a document or events) existed at a certain time. There are many ways of doing this. If you take a photo of yourself holding the front page of today's newspaper, that is essentially a form of timestamping. A more common way is having a document notarized. This way, you rely on the impartiality, legal status, and reputation of the notary to testify that a certain document exists at a certain time. Different methods have different utility, effectiveness, and cost. How Does It Work?

There are two principles you need to understand about how Bitcoin works in order to then understand how bitcoin timestamping works.

First, Bitcoin is made up of a blockchain. There are many computers throughout the world called "miners", who collect and validate all the potential Bitcoin transactions that people want to execute. These transactions end up on a long list. Every ten minutes, the miners stop adding to the list, and whatever transactions made the cut are considered a "block". This block is cryptographically linked to the previous block (from ten minutes ago), and then sent to all the computers on the Bitcoin network around the world. At this point, all the transactions in the block are considered "confirmed". The miners then start forming a new block with the new transactions that have come in since the previous block was confirmed. Because each block is sequentially linked to the previous one (all the way to the first block formed in 2009), we call it a "blockchain". At the time of writing, the Bitcoin blockchain is somewhere between 250 and 300 GB. That means if you have a laptop with a large enough hard drive, you can download the blockchain and validate transactions yourself. All the "nodes" (or computers) connected to the Bitcoin network must have a copy of the entire blockchain in order to be certain that each transaction is valid. Second, transactions in Bitcoin are technically little bits of code. Each transaction is, in essence, a one-line program explaining what needs to be done. Most of the time, it's something like, "transfer 0.57 Bitcoin from Paul to Dave", but it doesn't have to be. There are a number of possible commands in the Bitcoin programming language. A third thing to understand - not directly related to Bitcoin - is hashing functions. A hash function will take any digital document, and produce a cryptographic fingerprint for it. This digital fingerprint (usually called a "hash") is reproducible, unique, and quick to perform - much like a human fingerprint. It's also small - a string of a few dozen numbers and letters (a hexadecimal number). The way Bitcoin timestamping works is by combining these three concepts. First, a hash function fingerprint of a document is created. With this hash, a zero-bitcoin transaction is created using one of the special commands in the Bitcoin scripting language. This transaction says, "don't transfer anything; oh, and by the way, here's the hash of something". This transaction is sent to a miner, who adds it to the pending block. At the end of the ten minutes, the block is locked and added to the blockchain. Once it has been confirmed by the rest of the network, the hash in that transaction in that block will stay there forever. Because each new block is created approximately every ten minutes, all the nodes can verify the time which the hash was inserted. When it comes time to prove the existence of your document, you provide the document, as well as the transaction in the blockchain which contains the hash. The person verifying can independently run your document through the hash function, and anyone with a copy of the blockchain can confirm that the block in which the transaction is found was created at the time in question. Then it's a simple matter of matching the hash from the document with the hash in the transaction.


Bitcoin has the power to write the history of financial movement. It is an open ledger. For the first time all is in the open for eternity and anyone to read from. Corrupted organizations have no incentive in using Bitcoin as they can be traced back. Banks have no incentive using a time stamp as they could no hid or change their bookkeeping. Corrupted politicians have no reasons to use it has they would be caught in plain sight. It is a whole new world, where the financial storytelling is for all to see and where the Victors will be the ones playing fairly.


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