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Justin T Shockley Photography

JTS

How does Bitcoin work exactly?

Jan 10, 2021

How does Bitcoin work exactly?

Bitcoin, blockchain, what, is, how, does, work, crypto, ethereum

Bitcoin is a bearer asset, and it has no utility other than the exchange for other goods or services. It also has no claim on the income stream of a productive asset. As such, bitcoin is only valuable as a form of money and it only holds value because it has credible monetary properties (read The Bitcoin Standard, chapter 1). By definition, this is true of any blockchain; all any blockchain can offer in return for security is a monetary asset native to the network, without any enforceable claims outside the network, which is why a blockchain can only be useful in connection to the application of money. The chart below from

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