Bitcoin: Fundamentals For Financial Regulators

5 Pillars of Decentralisation

i. Accountability — Satoshi designed Bitcoin with a chain of signatures to hold all users of the system to account. This way no one could do anything on the network that no one else would know about. This is what makes all users equal to one another.

ii. Locked Protocol — If it cannot be changed then no ONE can control it.

iii. Infinite Scale — This means that there is always a new market to compete for. Without infinite scale capability, new market cannot be created & the only alternative is to take market share away from competitors, which leads to centralisation.

iv. Competition — This is essential for a de-centralised network. If there is no competition there is simply collusion for self-interest and not for that of the network & its users.

v. Fixed Supply — Simply means no ONE can control it.

9. What is it that differentiates Bitcoin from so called “cryptocurrencies”? Ans: Bitcoin was defined by Dr. Craig Wright as a peer-to-peer electronic cash system. However, it can also be defined in a number of other ways such as *The foundation layer for all future digital technologies, secured & underpinned by economic principles. *Monetary & Data sovereignty. *The Bridge to the Blockchain. This is all due to having solved the paradox of the centralised start point through providing the reasonable amount of time for others to start the network, the use of the pseudonym “Satoshi Nakamoto” & its neutral growth without any central point of authority, control or influence for a period of 10+ years. This is in comparison to all other “cryptocurrencies” that either have a centralised starting point or are centrally controlled including the various Bitcoin chains that include both BTC & BCH. BTC had its chain of signatures segregated on the 24th August 2017 by a centralised group of developers call Blockstream that called their implementation “Seg-Wit” . Bitcoin Cash (BCH) has developers that implemented Schorr Signatures & continually alter the protocol every 6 months. It is either due to a networks centralised control & authority or their starting points that make all other “cryptocurrencies” illegal security offerings.

10. The term “cryptocurrency” means cryptographically hidden, whereas Bitcoin is designed as an auditable ledger. Bitcoin is private, not anonymous. Anonymity is something one would seek to have, for example, in a toilet cubical, whereas privacy is something a couple would wish to have behind a bedroom door. Bitcoin is electronic cash. Cash being the most liquid form for money & money having to be a commodity in order to act as a medium of exchange (MOE). A MOE is a tool that enables, encourages & accelerates the facilitation of trade. Trade being the most valuable thing in the world Bitcoin is likely to become the most valuable thing in the world & those people, companies, corporations & countries who first adopt Bitcoin (BSV) are likely to benefit from it the most.

The only protocol that can be considered a commodity is the protocol that Satoshi Nakamoto designed & described in his White Paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. This protocol named Bitcoin Satoshi Vision is often referred to as Bitcoinˢᵛ & has the ticker symbol (BSV). If you are a regulator & would like more clarity on understanding the fundamentals of Bitcoin please reach out to me on Twitter @SirToshiTV

To understand why the Satoshi Nakamoto’s Bitcoin protocol is known as Bitcoinˢᵛ & has the ticker symbol BSV read my Medium article titled: “Bitcoin: A Tail of Blockchain BTC/BCH/BSV” linked here —

Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.

To purchase BSV visit (referral link) :Instant Buy & Sell Bitcoin or GBP (referral link) :A simple way to make or accept payments over the internet. :The Bitcoin wallet you can recommend. Choose your handle. :The BitcoinSV wallet you want. Personalised Paymails : Simply Send & Receive Bitcoin SV (inc.Cold Storage facility) :The Superhero Inbox. Before Anything Else Mail



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