nick on Nostr: The word “trustless” is thrown around a lot in bitcoin and lightning. What does ...

The word “trustless” is thrown around a lot in bitcoin and lightning. What does this mean? Much of bitcoin and lightning is focused on empowering the end points of any transaction to send, receive, and hold value without trusting a middleman or third party between the two. A trustless system means that even if there are other parties that are a part of it, transactions can occur with the same amount of trust as handing cash directly to the recipient.

There are many who point to terms like “trustless” and twist its meaning (in bad faith) to put ideas onto bitcoin and its developers that do not exist. Trustless does not mean you do not trust anyone and live in a cave. With any economic transaction, there is someone on the other end that you hopefully trust and have some relationship with. Bitcoin does not seek to destroy or change the relationship you have with others you transact with. Bitcoin does seek to reduce your reliance on third parties that could care less about you, your wealth, your family, or who you transact with.