Bitcoin Foundation Promises to Protect and Promote the Use of the Digital Currency

Here are the immediate goals of the newly established organization

By on September 29th, 2012 09:05 GMT

In the past months, the digital currency known as Bitcoin has encountered a lot of issues, many of them caused by botnets, cybercriminals and vulnerabilities in the system itself. However, the newly established Bitcoin Foundation hopes to restore users’ confidence in the currency and restore its legitimacy.

The large number of Bitcoin-related incidents – including the recent $250,000 (200,000 EUR) heist and the fact that the FBI raised concerns about its use for illegal activities – has determined many internauts to stop using it.

The founders of the Bitcoin Foundation hope to change this by “keeping Bitcoin rooted in its core principles.” These principles include openness, independence, and non-political economy.

“While we aim to advance standards and security, we remain strong advocates of the liberating power of decentralized money. Our goal is to act as both an organizing body for Bitcoin and simultaneously be inclusive of the general Bitcoin community. Only then will our mission succeed,” they write on the Foundation’s website.

Gavin Andresen, one of the founders, claims that the idea of the Bitcoin Foundation came after seeing the success of the Linux Foundation.

“‘The Foundation’ won't do anything at all-- people get things done. I want the Bitcoin Foundation to be an open, member-driven organization, and hope that you or your organization will not only become a member but will help the Foundation accomplish its mission,” Andresen explained.

So how do they plan on keeping Bitcoins safe?

According to the organization’s FAQ, they will be utilizing a “cold wallet,” with most of the Foundation’s funds being protected by a securely backed up private key. Furthermore, they hope to implement a multisignature cold wallet, with keys controlled by more than one board member.

The foundation’s main priorities for 2013, according to Chairman and Executive Director Peter Vessenes, are a payments-oriented Silicon Valley conference, the creation of an opt-in certification process for businesses, the establishment of a core development team, and the publishing of best practices for businesses transacting in Bitcoin.

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Bitcoin Foundation launched
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