gregnomis on Nostr: What is Bitcoin? Bitcoin is a different thing to many people. To some it is currency, ...
What is Bitcoin?
Bitcoin is a different thing to many people. To some it is currency, a store of value, a speculative asset, digital property, a decentralized financial ledger and so on. That is the versatile nature of a permissionless and open-sourced protocol.
Therefore, Bitcoin must be a base layer which hosts all these functions on top of its foundation. To understand this statement, you must understand the layers of protocols that make all this possible. The blog you are reading right now sits on top of many layers of the “Internet”, which itself sits on two other layers before that, Networks and Computers. The Bitcoin protocol operates similarly with many layers built upon its sturdy substratum. As Saylor puts it, Bitcoin is the bedrock on which all of Manhattan is built upon.
Bitcoin is a different thing to many people. To some it is currency, a store of value, a speculative asset, digital property, a decentralized financial ledger and so on. That is the versatile nature of a permissionless and open-sourced protocol.
Therefore, Bitcoin must be a base layer which hosts all these functions on top of its foundation. To understand this statement, you must understand the layers of protocols that make all this possible. The blog you are reading right now sits on top of many layers of the “Internet”, which itself sits on two other layers before that, Networks and Computers. The Bitcoin protocol operates similarly with many layers built upon its sturdy substratum. As Saylor puts it, Bitcoin is the bedrock on which all of Manhattan is built upon.