Greetings, Bitcoin community! And, congratulations on the 11th birthday of the Original Bitcoin! Yes, it’s true: 9 January 2020 marks exactly 11 years since Satoshi Nakamoto released version 0.1 of the Bitcoin protocol software and mined the very first block.

I’d say that the rest is history, but the truth is that we’re still very much in the process of discovering the full potential and implications of the Bitcoin blockchain. 

Given the somewhat dramatic changes in our understanding of what Bitcoin is over the past 5 years, we now consider it time to rewrite our eBook on the topic.

And so, considering the momentous day we celebrate today, we present to you the foreword of our upcoming eBook, What is Bitcoin? 11th Birthday Edition, by Bitstocks CEO and Founder, Michael Hudson.

Make sure you don’t miss out on future editions by following us on social media, subscribing to our blog, and pre-ordering your (free) copy of the eBook over here.

Bitcoin as Timechain, not Blockchain

by Michael Hudson, Bitstocks CEO-Founder

For me, the epiphany was when my understanding of what Bitcoin is started changing fundamentally. It changed so much that I changed my company logo to represent what I saw inside Bitcoin.

What I realised was that Bitcoin is not about money - it’s not. Bitcoin is memory. It’s a space-memory model or a space-time model. What triggered this realisation was the different types of mathematics I’d been studying - vortex mathematics, polymath, etc. - and then Craig Wright came back on the scene… 

Craig made this statement that Bitcoin is the first biologically inspired network, and then he showed a diagram of the small-world network, or small world mandala. When he showed the diagram, I almost fell off my seat, literally. I had been studying and seeing this geometry for years. When I saw this, I started looking at Bitcoin very differently. I realised that blockchain is a terrible term. 

What Bitcoin really is, is a Timechain. What you have is human to human, human to machine, or machine to machine interactions documented on a tape in 10-minute windows, or pockets of time.

Let’s say this time window is a 1-centimetre cube of space. Then, how much you condense in that same space of time gives you density. If you have a model that limits the density you can fit into that 1-centimetre cube of space (like 3 or 4 transactions per seconds) and you look at the number of seconds you have in a window, you’ll never have a space that’s lit up and connected. 

Taking this back to Craig’s statement that Bitcoin is biologically inspired... A brain is not going to be functional if its neurons aren’t able to fire in a cohesive way. There will be minimal connectivity. With SegWit, Core already got rid of the connection points needed for high density connectivity. They got away with this because the Bitcoin narrative has been fundamentally money-based for so long.

We’ve ended up having a community that is mostly fuelled by misguided idealists, and it ended up in a vision of anarchy where everyone is anti-bank and anti-government, without distinction or exception. The age-old technique of divide and conquer has run rife in this community over the past 10-years because of the lack of understanding Bitcoin. 

If we understand Bitcoin in the sense of space, time, density, connections, then you’ll start seeing how all of our planetary interactions are reflected in the power of Bitcoin. When those interactions can happen in a way that can not be tampered with, that is the power of Bitcoin. Nobody on this planet, not even Craig himself, can imagine the full range of possibilities that could flow from this.

That’s what excites me about Bitcoin - it’s not just about money. That would be massively downplaying it…

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