Renowned for being tamper-proof and completely transparent, bitcoin is often seen as a perfect “trustless” network. But are we sure that we trust no one but ourselves when using Bitcoin? This is the question asked by Pierre Schweitzer during Surfin Bitcoin 2023 in Biarritz
“Don’t trust, verify”
“Don’t trust, verify. » (don’t trust, verify) is the adage that is well known to bitcoiners. It emphasizes one of the most important aspects of the Bitcoin blockchain: doing without any trusted third party. This is the principle of zero trust : no device or user is trusted a priori. In other words, it is the idea of “pure” trust in mathematical form, transcending human aspects such as morality, ethics or judgment.
Bitcoin does not completely remove the need for trust
In reality, there is a limit to verification. Indeed, there is necessarily a moment when we must trust. This is the idea that Pierre Schweitzer defends. Present at Surfin Bitcoin 2023, he speaks in a conference entitled “The paradox of the absence of trust in the Bitcoin network. »
Socially, we are all connected. Whether through currency, production, division of labor or even contracts: our society is based on relationships of trust at all levels. Likewise, Bitcoin makes us interdependent, collectively.
Pierre Schweitzer begins to question the Surfin Bitcoin audience:
“How many of us have actually audited Bitcoin’s code”?
In reality, we must trust the code, at least those who checked it for us. Who among you has the skills and time to go and verify the code of Bitcoin? In many ways, we have to place our trust at some point in using Bitcoin.
A total lack of trust impossible
- Trust the wallet. A Bitcoin wallet is necessary to interact with the blockchain This interface is developed by people we know nothing about, who do not speak our language. Even the wallet provider must trust its team of developers. However, humans are fallible, and the lure of gain corrupts: to expose oneself to it is to trust.
- Trust in the person from whom one sells or buys bitcoins. When buying bitcoin in peer to peer or even hand to hand, the bitcoiner must necessarily grant his trust.
- Must also trust yourself, and in its ability to retain its private key over time. How can I be sure that I will be able to control my private key, forever? What happens in the event of an accident?
- Rely on Fiat/BTC solutions. To obtain bitcoins, you must trust the companies that allow you to join the ecosystem. How to convert your euros into BTC without trusting these intermediaries?
- Believe the market price. We must trust CoinMarketCap on the display of prices and data, themselves used by many players in the ecosystem. However, the risks of manipulation of this data exist.
- Finally, the very infrastructure of the Internet. We have to trust the infrastructure of the web to trade bitcoin. Are we sure that this network is 100% reliable? In reality, the largest network in the world involves so many different players that it is impossible to do without trusted third parties: governments, Internet service providers, companies that maintain the network or even component manufacturers. electronic. All these entities must have the trust of the bitcoiner.
Bitcoin restores power to trust
Bitcoin is a powerful tool designed to global trade without borders. This Internet of money transcends barriers and proposes to build a new financial system. Additionally, bitcoin is similar to gold, with the advantage of not being controlled by governments. But we could find some disadvantages to bitcoin: for example, it is much more complex to verify than gold. An expert eye can easily judge the authenticity of a gold piece, simply by observing it.
Bitcoin crosses social, political or economic issues as well. Far from existing alone, he is not disconnected from the human world. On the contrary, it is deeply intertwined, and in fact retains traces of trust at several levels. Even if Bitcoin is a particularly elegant and well-thought-out mathematical system, it is not sufficient in itself: it must rely on pre-existing systems, which necessarily require trust. Moreover, to be adopted on a large scale, the network cannot in any case exist autonomously, in its own corner. On the other hand, what Bitcoin allows is to regain control and choose who we place our trust in. When do we trust? Who do we trust? Bitcoin allows you to choose. But it does not completely eliminate the need for trust.
Repeated like a mantra, “Don’t trust verify” has become emblematic of the bitcoin ecosystem. However, the saying reveals a paradox: it takes a dose of confidence to use Satoshi Nakamoto’s invention. It even takes quite a bit!
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