Bitcoin: Vast majority don’t understand the Technology

If you analyze the growing interest in Bitcoin by the number of headlines it generates nowadays, you’re left with the false impression that it is the modern-day gold rush of the digital era. This perception couldn’t be further from the truth. 

When Dr. Craig Wright created Bitcoin under the pseudonym Satoshi Nakamoto, he wrote a white paper outlining a highly scalable micropayments network that allows for transactions to be processed at a fraction of a cent. That ideal no longer fits with the BTC community, which has subsequently strayed from Bitcoin’s blueprint.

Satoshi, aka Craig, built this revolutionary protocol to explain how to do micropayment transactions over the internet. By solving this problem, a peer-to-peer electronic cash system could emerge. 

What about Lamborghinis, moons, HODL, etc.? These are all the rallying cries of the people who misappropriated the Bitcoin brand in an attempt to build a global Ponzi scheme masked as an investment vehicle.

The hard truth of the matter is Satoshi never intended Bitcoin to be held in cold storage until such time that it appreciated in value high enough for the owner to cash out, be financially free, then retire to a tropical island paradise. It is not a “Digital Gold” token or “Store of Value” token, or “Hyper Inflation Hedge.” 

People did not initially use Bitcoin that way. Long-term advocates of the technology know the story about the guy who purchased a pizza with 10,000 Bitcoins. Today, he is a cautionary tale, but back then, he was using Bitcoin as intended. Bitcoin has not lost its original reason for being, it was intended to be a micropayments network handling small casual transaction between peers without the need of a trusted third party.

Just as importantly, the original Bitcoin is not the token that BTC Core protocol developers support. 

BSV is the ticker symbol of the original Bitcoin network Satoshi wrote about in the Bitcoin white paper that self-described proponents of the technology have posted to their websites. This point is obvious merely by reading the whitepaper then matching the promised product against the two blockchain networks. 

Only one network is a secure, scalable medium of exchange that people can and will use to transact daily business with each other. Bitcoin has not failed to live up to its original promise.

The BTC propaganda machine has mastered misdirection to keep its false narrative alive. Today many mainstream figures from Tesla’s Elon Musk to Virgin Galactic’s Chamath Palihapitiya have joined in on the action because they smell profits. These influencers or “thought leaders” are wildly out of touch with the community and care little about the use case, vision, community, or technology. 

The record needs to be corrected. If the BTC community wants to have a “Digital Gold” token built on a hyperinflation use case, so be it. They wouldn’t be the first to attempt a Ponzi scheme, nor will they be the last. Many of us still hold tokens from the ICO craze, which we hoped to profit from, so it’s not exactly a new phenomenon. 

But to be clear, the BTC crowd should be intellectually honest and use a different name. Come up with your new whitepaper explaining your “store of value” token. Wasn’t it a double spend prone side chain called the Lightning Network?

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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