3. Bitcoin dollar standard is the largest application of Bitcoin and the the world

Leave a Comment / By WeishaZhu / February 4, 2023

——Answers to the concepts in the article “Invite Satoshi Nakamoto to Welcome the New World”

Chapter 8 of the article “Invite Satoshi Nakamoto to Welcome the New World” says that Bitcoin stored value is the most suitable application of the Bitcoin system. Best-fit application refers to the most appropriate application of the technology. Auburn Satoshi and others believed that it was Satoshi Nakamoto’s original intention for the Bitcoin system to take the same platform route as Ethereum. In fact, as a platform, the technical solution designed by Satoshi Nakamoto is not suitable. Therefore, the Bitcoin system will not become the most critical payment system in the world.

It should be pointed out that Bitcoin is the application result of the Bitcoin system, and the Bitcoin dollar standard is the largest application of Bitcoin. Note: Bitcoin and the Bitcoin system are related but not identical concepts.

Bitcoin is very fortunate as a commodity to have stored value. Few items have stored value. Stored value means that goods can be stored to preserve their value. We know that antiques can maintain their value, and cypherpunk only took nearly 30 years of hard work for a string of numbers to store their value. Does it take so long to make a payment system? Obviously not. Some people have tried and failed before Satoshi Nakamoto, such as Douglas’s E-gold and so on. Satoshi Nakamoto spent nearly 10 years thinking about making a payment system that ordinary people could think of? That’s what Nakamoto Fool did. Payment cannot be used to store value, nor can Satoshi Nakamoto’s ideal of replacing fiat currency be realized.

It is a ground-breaking creation to make a string of numbers have stored value, and this creation itself is of great value. However, stored value doesn’t feel like an application. Is this point of view correct?

https://chainless.hk/2023/02/04/3-bitcoin-dollar-standard-is-the-largest-application-of-bitcoin-and-the-the-world/