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Bitcoin Breaking News Brief

BitFury’s Valery Vavilov Addresses Big BTC Issues Amidst Block Size Infighting

Tyson O'Ham · @@tkoham | Mar 11, 2016 | 02:13

Bitcoin Breaking News Brief

BitFury’s Valery Vavilov Addresses Big BTC Issues Amidst Block Size Infighting

Tyson O'Ham · @@tkoham | Mar 11, 2016 | 02:13

10 March 2016 – Valery Vavilov, CEO/Co-Founder of the BitFury Group, has commented on the importance of the blockchain today on Medium, going out of his way to debunk a lot of myths pervasive in the mainstream’s understanding of Bitcoin and the Blockchain. The piece serves as a great “Public Service Announcement” that defines Bitcoin in a more dispassionate light than traditional media would like to paint it. He goes over how Bitcoin is secure, allows for transparent and just transactions, and explains it’s uses and importance in an accessible and personable manner. Vavilov’s post is an interesting read for Bitcoin veterans and a great starting point for the uninitiated.

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Valery Vavilov Wants to Fix Bitcoin’s Perception, Inform



Valery Vavilov

It’s titled “The Missing Piece of the Internet is Here: 5 Fundamental Facts Everyone Needs to Know About The Bitcoin Blockchain,” matching the informative tone of the piece. And while Vavilov starts with his credentials in much the same way a professor or TED talk Speaker might, he quickly shifts into very personal prose:

“I am thrilled that more people want to know about the Bitcoin Blockchain, and I am even more excited to educate and inform inquiring minds. This technology is changing the world, and it’s just the beginning.”

The main Focus of the piece is on what Bitcoin can do for humanity on a global scale. The oft-overlooked fact that it democratizes and equalizes finance for the masses, and the implications Bitcoin has for future generations. Each section is written in simple, accessible language, and offers visual aids and links to more information. The key “Five Facts” are as follows:

 1. The Internet has succeeded by forever changing the way we move data, voice and video, but it has never had a way to move asset value in a similar fashion — the Bitcoin Blockchain is exactly the technology solution to make this happen.

2. The Bitcoin Blockchain is secure.

3. Law enforcement in the US and beyond are encouraged by the Bitcoin Blockchain because they can detect and track bad actors more easily in this new system.

 4. It is great that people and banks are supportive of the Blockchain technology, but private Blockchains, like the “intranets” of the ’90s, do not provide the reliable security of the Bitcoin Blockchain.

5. Everyone who cares about making opportunities available to anyone in the world, who believes in democracy and the power of the people to have a voice and say in their future, should be interested in and enthusiastic about the Bitcoin Blockchain.”

Real Issues Addressed, No Politics Needed


Each is followed by a thorough, simple explanation and some further reading. This type of focus on clarity and information is a welcome change of pace from the more political and divisive writings coming out of Prominent Bitcoin personalities embroiled in the block size and scaling debate. Vavilov doesn’t make a call to arms or call for reason; rather, his post is something anyone with an interest in Bitcoin can walk away from with a good message. Though the overarching themes of the piece are positive and optimistic Vavilov leaves his readers on a more poignant note towards the end, with a message imploring people to spread information about the Blockchain as a tool for democracy, social mobility, and financial transparency:

“I grew up in Latvia during the fall of the Soviet Union. I saw people lose their pensions, their entire savings, their lives’ work, their dreams. I promised myself that if I could help it, I would work to ensure this never happens again… If we could record and move assets in a way that protects individual citizens, then democracy, the rule of law and capitalism will all be strengthened.”

Vavilov Leaves us with a plea to increase understanding of Bitcoin to further its use. We need more outreach and writing like this, and less divisive, petty arguments within the community. The block size debate is a problem dwarfed in stature by misunderstandings about the importance and nature of Bitcoin and Blockchain technologies, and addressing it is something the Bitcoin community needs sorely. Hopefully, Vavilov shifts some focus to this problem, and people might consider focusing on outreach instead of internal politics.

What are tour thoughts on Bitcoin’s perception and increasing mainstream acceptance? Let us know in the comments!

Images courtesy of BitFury Group

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