Bitcoin: There is no “Blockchain” per se

Ever since the Long Island Iced Tea Corp rebranded to Long Blockchain Corp back in 2017 the term “Blockchain” has been used by many as a buzz word to try & make a quick buck. The same practice is still going on today as people think “Blockchain” might do for them what it did for Bitcoin, which is increase in value by over 36,000,000% in eight years. However, the reality is far from it. You see first there was Blockchain Technology, then there was Bitcoin & then came the development of its Blockchain.

Blockchain Technology is a way to link data so that any alterations can be spotted. Bitcoin is what economically incentivises miners to make additions to the ledger. Blockchain is the decentralisation of its starting point over a significant period of time in order to dilute any point of authority so that there is no central point of control over the network. This means that it’s Blockchain Technology combined with the creation of Bitcoin and the growth of the network over time that come together to make Blockchain.

To understand the paradox of the centralised starting point of currency for it to have any fundamental value you can read my Medium Article titled “Bitcoin: The Paradox of the Centralised Starting Point” linked here —

It’s important to realise there are two completely separate entities that effectively manage the Blockchain. Miners secure the network & record transactions on the ledger. Developers build and scale. Miners are economically incentivised through the reward of Bitcoin. Developers are incentivised to build useful applications in the same way that entrepreneurs start businesses. Whereas Miners are more Bitcoin investors seeking returns, devs are more Bitcoin entrepreneurs seeking profit. Miners would also have an incentive to invest in developers.

This is why the term “Blockchain” is often confused with Blockchain Technology. Just because something uses Blockchain Technology does not make it a Blockchain. A Blockchain is a decentralised, distributed Ledger Technology without any central point of authority or control that is economically sustained by its own credible, digital asset with fundamental value. This means that all other forms of distributed ledger technology such as Proof of Stake (POS), Delegated Proof of Stake (DPOS), Pre-mined, IOTA’s Tangle, Hedera Hashgraph and all other Proof of Work (POW) systems that have maintained a central point of authority from their inception are nothing more than privately encrypted databases that use Blockchain Technology. This is why there is no “Blockchain” per se because there is only the Bitcoin Blockchain.

The blockchain that follows the Bitcoin protocol defined by Satoshi Nakamoto in his White paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” 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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