TutorialBTC on Nostr: ⚡️ Articl: DECODING BITCOIN’S TRANSACTION SURGE: THE EMERGENCE OF HISTORY’S ...

⚡️ Articl: DECODING BITCOIN’S TRANSACTION SURGE: THE EMERGENCE OF HISTORY’S GREATEST ACCOUNTING INNOVATION

The rise of Ordinals has brought massive transaction volume to Bitcoin and its promise as a historic accounting innovation is starting to show.

https://bitcoinmagazine.com/culture/accounting-for-bitcoin-transaction-spike

THE ACCOUNTING INNOVATION OF BITCOIN
As an accounting ledger, Bitcoin represents the first true accounting innovation in more than 700 years, marking a transition from the legacy, stakeholder-controlled, private, double-entry accounting systems to a public, triple-entry system.

“Triple entry” simply means that two-party transactions (debit and credit) are written to a public, immutable ledger (the third entry). “Public” means that the ledger is accessible at any time by anyone on the Bitcoin network.

The accounting innovation here is simply the removal of stakeholders (humans) in exchange for machines (aka, servers and nodes) that run difficulty-adjusted proof of work (PoW). Bitcoin uses PoW to substantiate the entries, instead of relying on stakeholders who may be biased or incentivized to commit fraud or manipulate the ledgers. This means that the miners and nodes control the network in an unbiased, free-from-manipulation environment, not humans.

In contrast, all legacy accounting technologies relied on trusted third parties, known as the “stakeholders.” The fatal problem with a stakeholder-controlled system is that humans are flawed, and the ledgers are subject to human error, fraud, censorship and manipulation.

Until Bitcoin, every government, every bank, and every corporation on earth has used private, double-entry accounting systems controlled 100% by the stakeholders. This means that the stakeholders can alter the books and records of all of these legacy systems in secret, away from the public eye. In order to catch fraud, corruption or even error, the entire stakeholder-controlled system — including every transaction traced back to its root — would need to be audited. This process is time consuming, complicated and cumbersome, and like all legacy systems, the audits are conducted by humans, further subjecting the audit system to fraud, corruption and error.

Bitcoin solves this in three ways:

- By turning private ledgers into public ledgers
- By removing stakeholder control and using difficulty-adjusted PoW to record transactions
By eliminating the need for a human audit as the network self-audits the timechain, every block

Altogether, this creates the first unalterable ledger in human history.

... continues in the article.



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[Published in Portuguese] https://t.me/TutorialBTC/8081



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