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Trust is a scaling solution

Part of a collection of essays on TRUST by @futurepaul

Bitcoinโ€™s trust minimization techniques are all costly for its users. In terms of complexity, usability, speed, and scaling. And therefore I think itโ€™s almost self-evident to make the claim of this article:

โ€œTrust is a scaling solution.โ€

Which is to say, by reducing the costs imposed by trust minimization (through this โ€œOne Simple Trickโ€ of trust), we can achieve usability improvements to Bitcoin.

There are examples of this principle all over the Bitcoin ecosystem. Custodial exchanges like Coinbase erase the complexity of key management. Custodial wallets can paper over some of Bitcoinโ€™s transaction complexity. Even โ€œnon-custodialโ€ wallets like Muun can rely on momentary trust to give users a faster and simpler experience.

And this is a bad thing, yes?

Posted Sep 4, 2022