I am hoping to get a layman's description that can be easily understood by people who do not necessarily use Bitcoin, but all replies are welcome.
Post by chris co
Ok. I wrote something for you:
Bitcoin and the New Internet
258 983 sat
What the chain says
- Block
- 962 098
- Time
- 2026-08-13T06:22:16Z
- Signer
- 1Pif9p9Cdd7mngkkU1CUZ3RvmT5ToP3xcE
- App
- twetch
- Type
- reply
- Content type
- text/markdown
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1Pif9p9Cdd7mngkkU1CUZ3RvmT5ToP3xcE UnverifiedReplies (10)
On the internet every computer needs to have an address. This is the so called Internet Protocol (IP) address. The address needs to be unique. Two different computers should not have the same address at the same time. In effect, a computer's IP address becomes the identity of the computer on the network.
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In our present internet, most computer's IP addresses are automatically assigned by the internet providers. Usually, your internet provider also knows your name, address and bank account number. This makes internet providers the middle men of internet access and the perfect longarm for the government to police the internet.
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In theory, every computer could use one or more bitcoin addresses as their unique internet address. It would directly enable every computer to receive micropayments. As a side effect, it would remove the administrational overhead of the internet providers havig to assign IP addresses. But this of course would also mean that these internet providers would have to change their business model, and that the government would have to find new ways to "regulate" online activity. This constitutes a challenge to both internet providers and the government.
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Add to this all other business models threatened by digital micropayments, and it is clear why bitcoin is more than just a threat to the banking system. It is not just a new way of payment. It is a complete rethinking of what the internet can be.
258 983 sat
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