Bitcoin: The Power of its Decentralised, Distributed Single Ledger

Many people think that Bitcoin is simply a cryptocurrency. What they fail to realise is that Bitcoin is the digital asset that economically sustains the creation of the worlds first credible, decentralised, distributed single ledger.

If a ledger were to be funded via external sources the funding could simply be cut & the ledger disappear. The genius of Bitcoin is that it’s a ledger that economically sustains itself and therefore has no central point of authority or control.

This concept of a single ledger is the solution to many of the world's problems & will pave the way for huge technological advances. We’ll use air traffic control as one example and the missing Malaysia Airlines Flight MH370. The reason MH370 was able to disappear was that its flight path was diverted and it flew in and out of Malaysian & Thai airspace multiple times before heading out to the Indian ocean. Each air traffic control operation is only responsible for flights within its own airspace, so once a flight leaves its airspace the responsibility of the controller is relinquished. As MH370 flew between the two neither were keeping track of it once it left their respective airspace. This meant that as it flew out of both airspaces for the final time neither were responsible for tracking it or for raising the alarm.

The reason each air traffic control operation takes responsibility for their own airspace is that it would be too great a risk for all such data to be under the control of a single authority that could effectively bring down the entire airline industry. This is the problem that the Bitcoin decentralised, distributed single ledger solves. Now, all the relative information for an industry like air traffic control can be collated and stored immutably on a single ledger because it’s the ledger itself which is decentralised & distributed & therefore has no central point of authority or control.

This same principle would apply to systems for driverless cars. It would be far too risky to have a central point of authority on such a system whereas now, everything can run on Bitcoin’s single ledger. These are the types of technological innovations that Bitcoin could bring about in the not so distant future.

Other such examples would be the sharing of medical information, which could be used for matching organ donors, blood types, stem cell treatment etc.

Credit card companies that only have a network that scales for 1700 transactions per second (TPS) would benefit from the economies of scale using a network that can handle 1Bn TPS and requires no virus software, cybersecurity, storage facilities, maintenance, upkeep, upgrade, insurance.

Online computer gaming and gaming companies that store their records on huge servers could also save huge costs similar to the ones listed above for credit cards by simply using a single ledger. The list of possibilities is endless.

Eventually, all digital services will run on the Bitcoin Blockchain including Google, Amazon, Facebook, Netflix etc because digital data is too precious to lose.

Micropayments are what enable this type of technological innovation. A micropayment is simply a term given to the smallest movement of data that is still economically viable for a miner to process & enter onto the Bitcoin Ledger, which is known as the Blockchain. The only Blockchain capable of these types of micropayments is the blockchain that follows the Bitcoin protocol defined by Satoshi Nakamoto in his White paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. This chain & protocol is called Bitcoin Satoshi Vision, known as Bitcoinˢᵛ & has a ticker symbol (BSV).

To understand why there appear to be x3 separate chains that stem from the Bitcoin Blockchain you can 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.

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