During the laBITconf 2020 session, an interesting presentation was made, by the Bitcoin educator, Giacomo Zucco. He himself explained through an adaptation of the original tale of the three little pigs how Bitcoin works. The transformation of the story took by name: The three cryptographic pigs.
A totally ideal and simple explanation to explain to the little ones, and even to those who have no knowledge at all of how the world behind the main cryptocurrency on the market, Bitcoin, works. The recreation through the children’s book written by Joseph Jacobs was represented by an Avatar.
To place ourselves a bit, Giacomo Zucco is a Bitcoin enthusiast, entrepreneur, and educator. Who actively participates in BHB.network and Bcademy. Believe in free speech, free defense, free finances.
Understanding Bitcoin with the three little pigs according to Zucco’s explanation
Now, Zucco compared the three crypto pigs to forms of digital money during his participation in laBITconf 2020. First, it was e-gold. The second, carried many names, such as: DigiCash, HashCash or B-money, for example.
During the story of the three crypto pigs, the speaker explained that a wolf arrived and easily knocked down the “houses” that both pigs built. Only, in this case, the “big bad wolf” also had many names: the Federal Reserve (FED), the Internal Revenue Service (IRS) or the United States Securities and Exchange Commission (SEC), just to name a few. .
Suddenly, the third little pig appeared after the mistakes of previous digital money projects and his name was none other than: Bitcoin.
Seeing where its predecessors failed, Bitcoin built a house that was truly resistant to the “blows” of institutions that felt threatened. A brick fortress that withstood the attacks of the wolf.
But … More piglets appeared in the scene explained by Zucco
Right there, with that success of the third of the pigs, ends the story we all know. However, Zucco mentioned that he was not referring to the end of the story regarding Bitcoin. As, watching the success of the invention of the third digital money pig up close, hundreds of other pigs appeared on the scene.
Since then, everyone wanted to build something new: Yes, “improve” what Bitcoin had already achieved. However, according to the exposition of the researcher bitcoiner, the efforts were in vain because they sought to solve problems that were already solved: the new little pigs built what we know today as cryptocurrencies and blockchain projects.
Some indicated that the bricks were very small, and with larger blocks they would finish their fortresses faster. Others went so far as to assure that it was not necessary to make a sturdy fortress, but sought uses for the “underlying brick technology” of the house of the third little pig. That is, blockchain instead of Bitcoin.
The ICO fever
Zucco even touched on projects that made money without ever launching a real product, as happened during the Initial Coin Offering (ICO) rush.
“There were houses made of chocolate, others of fish tanks, of barrels with uranium to protect themselves from wolves with radiation … many of these houses were not even built, but their creators made a lot of money in presales,” he said.
“In the meantime,” Zucco put it, Bitcoin kept expanding its tough fortress of real bricks. Eventually, the wolves came back and blew down all the houses created by the rest of the piglets.
“The wolves ate all the piglets, except those that were sheltered in the Bitcoin fortress. It was a bloody scene, “he concluded.
Some consider Bitcoin a revolutionary use of technology that disempowers governments and transfers it to the people. Digital currencies live on computers and can be owned by millions of people around the world.
Numerous regulators around the world are finding it extremely difficult to control the explosive growth of Bitcoin and cryptos. And, in essence, the invention of Bitcoin is one of the most liberating technologies in the history of mankind.