Why Bitcoiners Undervalue the Immutable Digital Ledger
Key Points:
- Bitcoiners often focus on the undervaluation of bitcoin as an asset, but fail to recognize the underestimation of the Bitcoin network
- The Bitcoin network, also known as the immutable digital ledger or the timechain, has numerous uses beyond sending value
- Inscriptions and BRC tokens demonstrate additional uses of the timechain, increasing its perceived value
- The market currently undervalues the network and the cost of putting data on it is far below its true worth
- Satoshi Nakamoto’s invention of the timechain is as mind-blowing as the creation of digital money
- The decentralized nature of the timechain is enabled by a new method of timekeeping that is often taken for granted
- Bitcoiners should appreciate and respect the timechain’s potential for enduring messages and diverse uses
For years, Bitcoiners have been championing the undervaluation of bitcoin as an asset. However, there is another aspect of the Bitcoin ecosystem that is equally, if not more, undervalued – the Bitcoin network. The Bitcoin network, which encompasses the immutable digital ledger known as the timechain, presents vast opportunities beyond the mere transfer of value.
Within the Bitcoin community, there is a divide between purists who advocate for the use of the timechain solely for sending value (bitcoin) and those who explore alternative possibilities such as inscriptions and BRC tokens. While the highest and best use for the timechain is undoubtedly holding and transmitting value, it is naive to think that it should be limited solely to that purpose.
In truth, the timechain is a revolutionary invention. It serves as an immutable ledger where messages and information can be recorded and preserved. When the Declaration Of Monetary Independence (DoMI) was first published on October 31, 2021, one Bitcoiner made a permanent note of it in the timechain. Similarly, the 2023 version of DoMI, signed by individuals at the Bitcoin 2023 event in Miami, was also inscribed on the immutable ledger.
Unfortunately, the true value of the timechain goes unrecognized by the majority of the world. Even with the emergence of inscriptions and BRC tokens, the market continues to undervalue the network. The perceived value of the timechain should increase until it reaches a point where it is properly valued at 250 sats per $1.
It is crucial to recognize that Satoshi Nakamoto not only invented a new form of scarce digital money but also an extraordinary means to track every satoshi through the use of the timechain. This invention is comparable to the creation of a new railcar and the tracks it runs on. However, human fascination with money has diverted attention away from the equally remarkable network behind it.
Moreover, Nakamoto had to devise a new method of timekeeping to ensure decentralization within the timechain. This advancement often goes unnoticed and underappreciated. As of now, we take for granted that this new timekeeping method will continue functioning flawlessly for decades to come. The immutability of the timechain is an achievement worthy of celebration and respect.
Instead of engaging in fruitless debates over inscriptions and alternative uses of the timechain, let us adopt the neutrality of the timechain itself. The timechain does not dictate how humans make use of it, just as a majestic oak tree does not care about the carvings on its trunk. Each individual may find their own value and purpose within the timechain, and we should respect their choices.
In conclusion, Bitcoiners must recognize that the value of the timechain extends beyond the transfer of value. The network continues to be undervalued, and the cost associated with utilizing it remains below its true worth. We should be humble and reverent towards the immutable ledger, appreciating the enduring power it holds and the potential it offers. It is time for every Bitcoiner to acknowledge and properly value the use of this immutable digital ledger.
Our Hot Take:
The undervaluation of the Bitcoin network, or the immutable digital ledger, is a pervasive issue within the Bitcoin community. While Bitcoiners recognize the undervaluation of bitcoin as an asset, not enough attention is given to the incredible potential of the timechain. The emergence of inscriptions and BRC tokens demonstrates that the timechain has broader use cases beyond transacting value. It is essential for the market and Bitcoiners to recognize and properly value the network’s potential, ensuring that the timechain is not overlooked or taken for granted. The timechain represents a remarkable achievement in decentralized timekeeping, deserving of our admiration and respect.
