Bitcoin: Trust, Neutrality & Utility
There are 3 things that are required for Bitcoin to be kept credible: 1) Trust/Accountability. 2) Neurality, & 3) Utility/Incentive.
1. Trust/Accountability: is an essential part of the system in order for it to be considered for use. If the system has a centralised point of authority & control it means trust must be placed in that central point of authority & control that it won’t change the system while it is in use by other parties. This is why Satoshi Nakamoto designed Bitcoin with a chain of signatures to ensure that any & all changes made to the network can be seen by others and the responsible parties identified.
Any & all monetary system must be designed to hold all users to account so that no one can get away with making any alterations within the system that no one else would know about. To understand more about why it’s accountably & not anonymity that protects us you can read my medium article titled the same linked here — https://medium.com/@sirtoshitv/bitcoin-its-accountability-not-anonymity-that-protects-us-78ddf2bfd7e6
2. Neutrality: The starting point of the network must continue indefinitely to be diluted & become increasing more so over time. If this does not happen it means the system will eventually become centralised and eventually come under the control of a single entity. The only way the centralised starting point of a system can be diluted is through a process of continued distribution & competition, which is only possible with a positively valued asset that increases in value over time.
The creation of the asset must fit a delicate balance between supply and demand. If demand reduces while supply continues the value of the asset will decline, whereas if demand increases through utility & use cases the value will increase. There must be enough supply & divisibility to cater to the needs of the entire market or a more suitable alternative will be found.
3. Utility/Incentive: Must be encouraged through various factors such as financial, economical, political, moral & ethical incentives that will encourage growth in the form of more users to the network. The incentives & scale of the network must continue to increase to cater to its user base & there is no better form of a commodity to do this at this moment in time than a digital asset that’s utility is derived from its ability to make digital data immutable.
The only network that maintains a system of accountability from its users, continues to dilute its centralised starting point through a system of distribution & competition & at the same time encourages use through financial, economical, political, moral & ethical incentives 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 known as Bitcoinˢᵛ & has the ticker symbol (BSV).
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 — https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7
Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.
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