Hal Finney and the secret that Bitcoin never solved

Since its beginnings in 2009, Bitcoin has been envisioned as a solution to escape financial intermediaries. But Hal Finney’s experience, a renowned computer scientist and key contributor to the network, revealed a fundamental gap that blockchain technology alone cannot fill: the issue of transmission and inheritance. This tension between Bitcoin’s original vision and human reality continues to raise unanswered questions seventeen years later.

The First Public Voice of Bitcoin: Hal Finney on January 11, 2009

On January 11, 2009, three days after Satoshi Nakamoto launched the Bitcoin network, Hal Finney posted the first known public message on the protocol within a cypherpunk community. At that time, Bitcoin existed only as experimental code: no markets, no exchanges, no clear practical application. Finney was among the few convinced that this revolutionary idea could work.

He immediately downloaded the software, ran the network with Nakamoto himself, mined the first blocks, and received the very first Bitcoin transaction. These foundational acts are now part of Bitcoin mythology, but they were merely technical experiments conducted by passionate cryptographers.

Hal Finney Facing Time: When Illness Redefines the Relationship with Bitcoin

A few years after these beginnings, Hal Finney encountered an unexpected reality: Bitcoin survived, gained monetary value, and could become a significant asset. He then decided to transfer his bitcoins to cold storage, with a specific intention: that this inheritance would one day benefit his children.

That’s when fate intervened. Shortly after, Finney was diagnosed with a degenerative neurological disease, amyotrophic lateral sclerosis (ALS). As his physical condition deteriorated, his commitment to Bitcoin took on a new dimension. He adapted his workspace with eye-tracking systems and assistive technologies to continue coding and contributing to the project.

His account written in 2013 reveals much more than a simple story of technological survival. It exposes a fundamental contradiction: how to ensure that bitcoins stored offline remain both secure and accessible to his heirs? How does Bitcoin, designed without intermediaries, manage the transfer of value when the original holder can no longer act?

The Challenge Bitcoin Did Not Anticipate: Trustless Inheritance

Bitcoin was designed to operate without financial institutions. Yet, Hal Finney’s experience highlighted a tension that no code alone can resolve: dependence on human continuity. Private keys, after all, do not age. Humans do.

Bitcoin recognizes neither illness, nor death, nor inheritance. These realities must be managed entirely outside the blockchain. The solution Finney chose—entrusting his bitcoins to cold storage and relying on his family’s trust—is one that millions of long-term holders continue to adopt today.

However, this approach raises critical questions that remain largely unanswered: How to pass on bitcoins to the next generation without risk of loss? Who controls access when the original owner is no longer able? In its purest form, can Bitcoin truly serve the entire human lifespan?

From Cypherpunk to Infrastructure: Bitcoin Has Changed, But the Problem Remains

Hal Finney’s story marks a turning point between two visions of Bitcoin. Finney invested himself at a time when the project was fragile, experimental, guided by libertarian ideology. Bitcoin was an idea being tested, not a traditional financial asset.

Today, Bitcoin has become a macroeconomic infrastructure. Exchange-traded funds (ETFs), institutional custody services, and regulatory frameworks now govern how major capital interacts with the asset. These solutions offer convenience and security but at the cost of individual sovereignty. The original promise of Bitcoin—full control over one’s money—is diluted by these modern intermediaries, even if they are technically different from traditional banks.

Finney himself understood this ambivalence. He believed in Bitcoin’s transformative potential but also recognized that his participation depended on circumstances, timing, and luck. He endured the early major market crashes and learned to detach his emotions from price volatility—a wisdom that long-term holders have widely adopted since.

Hal Finney’s Legacy: An Ongoing Question

Finney did not see himself as a hero. He considered himself lucky to have been present at the beginning, to have contributed substantially, and to leave something to his family. Seventeen years after his first public message, this perspective becomes increasingly relevant.

Bitcoin has proven its resilience in the face of economic shocks, regulatory pressures, and attempts at political control. What it has not solved is how a system designed to survive institutions adapts to the inevitable finiteness of its users.

Hal Finney’s legacy is no longer just about being a pioneer. His true contribution lies in the human questions he raised—questions Bitcoin will have to confront: how to transition from a revolutionary currency to a sustainable financial infrastructure? How can Bitcoin serve not only individual transactions but also the full cycles of life? These questions, subtly raised by Finney’s experience, remain at the heart of the challenges Bitcoin must face as it evolves from simple code into a durable global monetary system.