Bitcoin is dead. Long live BitToken™
This will no doubt end up being one in a series of postings about Bitcoin.. er um Blockchain... er um that new technology all the banks and finance investors are excited about.
Try this quick quiz:
Try this quick quiz:
- Is Bitcoin different to Blockchain?
- If so what is the difference?
- Is one a currency and the other a trusted ledger?
How irritating all this is... here are some quick facts.
- The Bitcoin system, uses both Bitcoin's (as the item of value that is traded) and Blockchain's (that is the ledger that keeps track of who owns each individual Bitcoin at any given time.
- So why use the term Blockchain if it's simply a part of the Bitcoin system? Because people hate associating a fantastically powerful mathematical system of trust with the baggage now heaped on the shoulders of Bitcoin due to it's association with Drug Dealers, Terrorists and the Dark Web.
- Most of the noise surrounding Blockchains is the rudimentary and rather boring excitement around using the blockchain for archiving all kinds of irrelevant information...
- 90% of the news surrounding blockchain that I read is puffery.
Here are a few other very important facts:
- As a currency Bitcoin is failing. A universal currency that refuses to be recognised on a large scale by anybody that matters will never make the Bitcoin a reliable measure of value.
- But as a system of trusted transactions that defies attempts at centralised control it has survived attacks from every state, state agency and financial institution bent on breaking it.
So what do we do? Bitcoin has proven itself, but is dead as a standalone currency. So how do you exploit it?
- Rename the system for what it really is... a representation of value and a humongous trusted transaction system.. NOT a currency... ie rename Bitcoin.
- Call it what it really is... BitToken™.
- Now rethink how to use Bitcoin as a BitToken™(ie as a Token representing something of value) and the world opens up before your eyes...
- Replacing anything of value with a BitToken to allow free and secure trade.
- Here is the top 6 things that I have applied BitToken™technology to....<blank>
Have I left you hanging? Good.
In coming days I will be filing patents for multiple applications of BitTokens but in the meantime here is a bit of news.. as of Friday 19th Feb 2016, I am the proud owner of the trademark BitToken™.