Bitcoin: Why You Can’t Have Blockchain Without It.
All reference to “Bitcoin” in the following article is referring to the genuine Bitcoin that follows the set of digital protocols described by Satoshi Nakamoto in the Bitcoin white paper titled- Bitcoin: A Peer-to-Peer Electronic Cash System, which is known as BitcoinSV (BSV).
It’s 24th April 2020 & I’ve just tried to make a direct payment from a business bank account to a trading account that allows me to exchange my Fiat currency into Bitcoin. I’ve tried this with two separate business accounts, each time with relatively small amounts and both payments have been returned.
I’m livid at this because I highly suspect the reason for the direct payments being return is that the business account the payments were sent to is registered to a cryptocurrency-related business.
I’m furious that this because Blockchain and all the revolutionary, technological advances it brings with it cannot exist without Bitcoin. You see Blockchain is all about making digital data immutable & Bitcoin brings with it the ability to make micropayments, which opens up a world for brand new industries.
Blockchain cannot exist without Bitcoin because Bitcoin is the digital commodity that economically sustains the Blockchain. If the Blockchain were to be funded by external sources, those sources could simply be stopped, and the blockchain would no longer exist. If that were the case, it means the Blockchain would effectively be controlled via those external sources who would also have a legal right to claim control of it as they themselves would be paying for it.
The entire point of Blockchain is that there is no one source of control or authority that could create a single point of failure. It’s the single point of failure that could effectively bring the Blockchain down and therefore mean the data on it is not immutable. This is why the term “decentralised” has become a buzz word amongst those who advocate for Blockchain technology & cryptocurrency.
However, the term decentralised is often confused with neutrality. Decentralising a Blockchain is all part of creating a neutral network so that the chance of ever creating a single, central point of failure becomes increasingly diluted over time. This is why it is so important to understand the consensus algorithm that each Blockchain technology uses to find out whether or not it’s native token/currency has any credibility as money.
If the native currency to the DLT is centrally controlled then the network is also at the mercy of the same controlling entity, which makes it a centrally controlled system & therefore utterly worthless. It is then no longer a currency as it becomes a token to the closed market that it exists within.
The only way to maintain a neutral system is through the process of constant competition. This is why only a Proof Of Work consensus algorithm can maintain neutrality as there is never a single controlling source & anyone can join the network to complete for its economic rewards.
The second thing to maintain neutrality on the network is accountability. It’s through accountability that no single entity can get away with doing anything that no one else wouldn’t know about. This is why Satoshi Nakamoto designed a chain of signatures throughout the network to ensure that everyone remained honest. This allows for privacy so that two trading parties can identify each other should the law need to be applied if one party does not fulfil what was agreed.
Satoshi allowed for the blockchain technology to be split should a disagreement occur if one party was to try to seize control of the network and place it under centralised planning. In this case we can take Blockstream seizing control of BTC & Roger Ver et al seizing control of BCH as a classic example. Blockstream segregated the chain of signatures that Satoshi implemented, which means actions within the network can no longer be directly attributed to any changes made. Roger Ver et al tried to implement a miner tax and added anonymity to the BCH network, which means BCH can never be used in commercial trade, which created a closed market and dropped BCH’s fundamental value to $0.
The only neutral Blockchain network in the world that scales for global capacity & enables anyone & everyone to build on its locked, permissionless protocol 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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www.moneybutton.com :A simple way to make or accept payments over the internet.
www.handcash.io :The Bitcoin wallet you can recommend. Choose your handle.
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https://simply.cash/ : Simply Send & Receive Bitcoin SV (inc.Cold Storage facility)
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