Ever since the Bitcoin Foundation was first announced by lead Bitcoin developer Gavin Andresen in September 2012, it has been the subject of constant criticism. An organization that describes itself on the front page of its website as having the mission of “freeing people to transact on their own terms” and “standardizing, protecting and promoting the use of Bitcoin cryptographic money for the benefit of users worldwide”, has alternately been called a wealthy Silicon Valley business club, a United States-focused organization, or a group of wannabe dictators trying to unilaterally impose their visions on the Bitcoin community.
however, the Foundation has proven to be an invaluable tool in supporting Bitcoin’s growth. It is paying a full-time salary to lead Bitcoin protocol developer Gavin Andresen, forcefully and proactively defending Bitcoin in front of regulators, and paying out grants to projects that would have a hard time funding themselves otherwise. As Bitcoin continues to grow, local communities are seeing the benefits that formal organization, properly done, can bring, and a single question is increasingly coming to the forefront of the public discussion: what is wrong with the Bitcoin Foundation, and how can we fix it?
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