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A bitcoin is a token which gives the user the right to transact on the bitcoin network. It derives its value from this right. The bitcoin network provides glob
by ericb 13y ago
A bitcoin is a token which gives the user the right to transact on the bitcoin network. It derives its value from this right.
The bitcoin network provides global near-instantaneous transference of ownership records for negligible transaction fees. It enables transactions to occur without a trusted third party, and also represents the advent of scriptable money. For these reasons, the right to transact on the network has value.
- kordless 13y agoThe line I'm starting to draw for people is from the network itself, to the resources that run it. Power powers the network - compute, storage, network (physical). Power is where we derive value. With Bitcoin, it's like we're parking power (work) into a storable unit of trust. Then you have compute, storage, network, trust.