Why Bitcoin Works... All Hail Web 3.0

Ted Carr

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Nov '23 (edited) • 💬 Discussion

The reason most people are skeptical of bitcoin is because they have no clue what Web 3.0 is.

And you can't blame em!

Most of us grew up in the 90's with Web 1.0.

Web 1.0 was referred to as the "static" or "read-only" web.

It allowed us to visit websites and read blogs, but not really interact with anyone.

Web 2.0 is when we started allowing people to create, share, and upload huge files through content creation, email, social media, etc.

Web 2.0 is often described as "The Internet of Information" and is what most people think of when they think of the internet today.

However, Web 2.0 was incapable of proving digital ownership because everyone could just make copies & duplications of everything.

Think: "Right click, save as." and "File, make copy."

For this reason, Web 2.0 required all financial transactions (like credit card payments) to use 3rd party intermediaries (like PayPal) and banks to confirm or (frustratingly all too often) deny transactions.

Although not designed for the internet, these 3rd parties were required for tracking the flow of money and ensuring the secure exchange of assets was legitimate to mitigate the risk of fraud.

But the reliance on, and heavy fees paid to these 3rd parties for everyday transactions raised issues about the practicality and necessity of such 'middle man' control.

Who wants to pay a 3% transaction fee just to send their friend or family member some money?!

Again, fiat money, even in the form of credit cards, was not designed for the internet...

The solution?

Web 3.0.

Web 3.0 is considered "The Internet of Ownership".

Web 3.0 allows for digital assets to be treated like physical assets.

People around the world can now PROVE what digital files they own.

To make this happen, blockchain technology plays a main stage role.

The blockchain is essentially a decentralized and transparent ledger that proves who owns what.

So now, unlike in Web 2.0 where banks acted as intermediaries, Web 3.0 allows people to engage in transactions (P2P) without the need for central entities or 3rd parties to oversee or "middle man" these exchanges.

This means... for the first time in human history... we can now transact online (ie. globally) between one another, as if we're handing each other cash.

Example: When I send you 1 bitcoin, I no longer have it... you do!

No duplications are possible.

I cannot send you 1 bitcoin and still have that 1 bitcoin on my computer.

The ol' 'right click save as' or 'file, make copy' doesn't fly here because the blockchain ledger does not allow for duplicate entries.

Thanks to the blockchain, Web 3.0 offers a more democratic and transparent online environment where ownership and value exchange are person to person (P2P) and not slowed down by old school, archaic, and outdated financial institutions.

Traditional barriers imposed by centralized systems and banks are going bye bye.

People who embrace blockchain technology on web 3.0 are already enjoying a greater control over their money and there's nothing anyone can do to stop it.

Bitcoin is a revolution.

Web 3.0 is here to stay.

Ted

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Why Bitcoin Works... All Hail Web 3.0