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2025-03-04 15:53:45

monjizanganeh on Nostr: "Bitcoin, Not Crypto" What does this phrase mean in the context of Bitcoin? I’ll ...


"Bitcoin, Not Crypto"

What does this phrase mean in the context of Bitcoin?
I’ll try to explain what I understand with a few examples.

With the invention of Bitcoin—resulting from the combination of several concepts such as Proof-of-Work consensus algorithm, blockchain, open-source software, distributed ledger, game theory, and a few other elements—we achieved something new: digital scarcity, which had never existed before.

Now, imagine that after this invention, someone else comes along, makes minor changes or removes some components of this innovation, copies it, and then claims to have created a new form of scarcity.

Let me explain this using a similar decentralized example.

We know that at some point, someone invented the TCP/IP protocol, which allowed computers all over the world to connect and created what we now call the Internet. Now, imagine that today, someone comes along, slightly modifies TCP/IP, creates a new protocol, and tells the world, "Forget the Internet! Connect to my new protocol instead." Would anyone care?

Another example is Wikipedia. If someone were to copy all of Wikipedia’s content and launch it on their own server, would that replace Wikipedia?

One more example: Suppose that using the most advanced technology, you create a perfect replica of the Mona Lisa, or even hire a professional artist to repaint it in higher quality. Would that replica suddenly become as valuable as the original painting?

These are just a couple of reasons why "crypto" cannot replace Bitcoin. Networks—including monetary networks—do not derive their value solely from software or code; their value comes from the people who use them.

Moreover, the technology of digital scarcity was invented only once, and copying it does not make the copy valuable.



#bitcoin #btc
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