Quiz for @10201
Bitcoin is
a) Just MONEY
b) Just STORE OF VALUE
c) SYSTEM which provides utility & can act as
- P2P Payment Network with its own fixed supply Unit of Account
- Immutable Evidence Trail
- Data Storage
- Computation platform
Correct answer to question to what Bitconi is, is that Bitcoin is a SYSTEM
FYI: System is Set or Rules
Bitcoin SYSTEM is defined by what?
a) Price
b) Hashing power
c) User Consensus
d) SET of RULES as defined in black-on-white in Bitcoin white paper
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
165ggu6voGX2oMvi4U6xTdSAGtd8aHgEQT VerifiedIf Bitcoin is to be (and remain) DECENTRALISED, power to change the system rules must be removed from everyone
Next Question
As Bitcoin SYSTEM rules are fixed (as defined in Bitcoin white paper)
Does change in PRICE or HASHING POWER change the system?
No
PRICE, HASH POWER, or LABEL & TICKER symbol does NOT change how Bitcoin system works & does NOT change what Bitcoin is
This is why it doesn't matter if BTC is more expensive
It DOESN'T WORK AS BITCOIN therefore IT CANNOT BE BITCOIN
Not Rocket Science
Analogy
If I change my name, it does not change who I am
If I change as a person (how I FUNCTION as a person) then I change
How Bitcoin FUNCTIONS is already defined & doesn't change
You have been mislead to think that price, ticker etc defines Bitcoin