With Bitcoin, Money Is Now An Image

[Paleus]

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When an individual makes a transaction on the bitcoin network, no actual currency is moved. That is, no file has moved. No commodity or asset has moved. No private or public key has moved. Rather, the only thing which changes is the percentage of the blockchain ledger which User A & B claim control over. When a transaction occurs in the realm of bitcoin, the image of the blockchain is altered. Nothing ever changes but the composition of the blockchain record.

The blockchain is a recorded snapshot of the bitcoin digital economy.

Money is now an image, rather than something which can be separated from the system itself. This image of money is being constructed, altered, and verified by the thousands of machines acting as miners across the globe, and it’s a composition on public display for all to see. The miners are the painters of this network composition. The users, the brush and strokes.

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[ajareselde]

Interesting and valid point of view. But i can't see the importance of this observation tho. In what way does it matter if the currency is moved?
Also, it doesn't much differentiate from moving the fiat from account A to account B, until you make a withdraw.

cheers

[Paleus]

Interesting and valid point of view. But i can't see the importance of this observation tho. In what way does it matter if the currency is moved?
Also, it doesn't much differentiate from moving the fiat from account A to account B, until you make a withdraw.

cheers

Thanks for the comment.

What the article is trying to express, is the fallacy of many existing firms approaching this technology with a 20th century mindset. We were recently in NYC for a bitcoin bankers conference, and there was endless discussion about "separating bitcoin from the blockchain" and how "blockchain is the real innovation, not bitcoin".

Simply put, this article attempts to illustrate why this is not feasible and why many firms and enthusiasts are not looking at this concept of money in the correct light.

For more on this evolution of our money supply, check out our 2015 Bitcoin Investor's Report.

[odolvlobo]

Ownership and control are information. While manifestations of information can move and be copied or deleted, the information itself doesn't move. It only changes state.