Definition of Bitcoin

Bitcoin is a battery of economic energy. Bitcoin is converted from one form of energy, such as biological human labor or electronic energy. Bitcoin is a digital currency that cleverly uses a combination of cryptography and decentralization for security and operates without a central authority, such as a government or financial institution. Bitcoin transactions are recorded on a publicly distributed ledger called the blockchain.

Bitcoin has several characteristics that make it unique as a digital asset:

Non-debt-based: Bitcoin is not a debt instrument like a traditional currency or a financial asset like a bond. It is an independent asset that has value in itself.
Irreversible: Once a bitcoin transaction is made, it cannot be reversed. This is because the blockchain is an immutable record of all transactions, and once a transaction is included in the blockchain, it cannot be changed.
Digital: Bitcoin exists purely digitally and can be stored and transferred electronically.
Intrinsic value: The value of bitcoin is not derived from any external asset or authority, but rather from the security and inclusiveness of the payment system and decentralized governance structure on which it runs.
Transparent ledger: The blockchain is a transparent and open record of all bitcoin transactions, allowing for transparency and accountability in the system.

Overall, bitcoin is a decentralized digital currency that operates on a transparent, open network and has several unique characteristics that make it a valuable asset.

Open Decentralized Blockchain: A Formal Definition

An open decentralized blockchain constitutes a distributed, immutable digital ledger accessible to any participant for verification and contribution. It chronicles transactions across a peer-to-peer network of nodes, eschewing centralized intermediaries in favor of collective consensus mechanisms.

Chained Structure:

Transactions are aggregated into discrete blocks, each cryptographically linked to its predecessor via hash functions. Upon validation and appending, blocks achieve immutability, rendering retroactive alterations computationally infeasible.

Decentralized Validation:

Absent gatekeeping authorities, network participants engage in distributed verification protocols (e.g., proof-of-work or proof-of-stake), ensuring robustness against adversarial manipulation. Empirical evidence underscores this resilience: Bitcoin's ledger has withstood an average of 70,000 daily tampering attempts over 16 years, with no verified breaches (Nakamoto, 2008; subsequent network analyses).

This architecture affords unparalleled security and transparency, underpinning applications from cryptographic finance and supply chain provenance to verifiable electronic voting systems.

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Central Banks and CBDC

Are Fiat, MMTs, and CBDCs the same as Bitcoin? On the 23rd of May 2024 US decided NOT to develop CBDCs.


	Who is Agustín Carstens? https://www.imf.org/external/np/omd/bios/ac.htm
Who is Jared Bernstein? https://en.wikipedia.org/wiki/Jared_Bernstein	Who is Jerome Powell? https://en.wikipedia.org/wiki/Jerome_Powell
Who is Peter Praet? https://en.wikipedia.org/wiki/Peter_Praet	Who is Neel Kashkari? https://www.federalreservehistory.org/people/neel-kashkari