Bitcoin : TIL Bitcoin not Blockchain
Jimmy Song famously said “Bitcoin not Blockchain” at Consensus 2018.
Antonpoulos said something to the effect of “it’s become very trendy to say ‘I believe in blockchain but not Bitcoin’, and those who say that probably don’t understand what they’re talking about.”
Wences Casares also said something to similar effect.
3 very reputable names all saying it. I blindly agreed with them, but truthfully I didn’t fully understand it either. Obviously Bitcoin has an astounding hashrate which lends to it’s highly impenetrable nature. But what finally clicked is it’s about the Maximum version of Trust. Blockchain is about Trusted ________.
To say you believe in Blockchain but not Bitcoin is like saying I like trusted applications but I don’t like trusted money. It doesn’t make sense. If you want to create something of trust, start with something fundamental like money. That’s why it’s the most obvious application. Money is at the root of almost everyones everyday lives.
The concept further clicked for me when I thought about using *speed* as a close analogy. Top speed and horsepower are two numbers that will never go out of style. The commonality is these numbers represents the *maximum values* which coincidentally makes them great *benchmarks* to value everything else against.
With Bitcoin it’s the same thing. Bitcoin represents the maximum level of trust amongst all Blockchain technologies. *Hashrate* is the equivalent of horsepower. Bitcoin’s relevance as the crypto king remains a constant because it represents the maximum form of the entire category giving it inherent high value as well as making it the defacto coin to benchmark all the rest against.
The point is when you talk about Bitcoin, you’re talking about the absolute maximum level of Trust and that will never go out of style just like top Speed. Hope this helps some of you who are trying to wrap your minds around that “Bitcoin not blockchain” statement.
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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