The following is an essay originally published on Unchained.com by Dhruv Bansal, CSO and Co-founder of Unchained, the Official US Collaborative Custody Partner of Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website.
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Bitcoin is often compared to the internet in the 1990s, but I believe the better analogy is to the telegraph in the 1840s.[1] The telegraph was the first technology to transmit encoded data at near-light speed over long distances. It marked the birth of the telecommunications industry. The internet, though it is bigger in scale, richer in content, and manyto-many instead of one-to-one, is fundamentally still a telecommunications technology.
Both the telegraph and the internet rely upon business models in which companies deploy capital to build a physical network and then
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