No, there is no such thing as "a bitcoin" or "a satoshi", in the software, in memory on your computer, or in the protocol. This is actually crucial, and not just semantics. If each satoshi were an actual thing, then they could be traced from inputs to outputs. All that exists is an accounting mechanism of (output measured value - input measured value).
Replies (7)
Few understand this.
waxwing
No, there is no such thing as "a bitcoin" or "a satoshi", in the software, in memory on your computer, or in the protocol. This is actually crucial, and not just semantics. If each satoshi were an actual thing, then they could be traced from inputs to outputs. All that exists is an accounting mechanism of (output measured value - input measured value).
View quoted note →
Every bitcoin transaction can be thought of as *destroying* its inputs and *creating* new outputs that total a lesser amount.
(notice "sats" as a unit weren't necessary to mention)
waxwing
No, there is no such thing as "a bitcoin" or "a satoshi", in the software, in memory on your computer, or in the protocol. This is actually crucial, and not just semantics. If each satoshi were an actual thing, then they could be traced from inputs to outputs. All that exists is an accounting mechanism of (output measured value - input measured value).
View quoted note →
Great point.
Forgive my ignorance, is this essentially highlighting. That it’s a ledger system and not a token system?
I guess you could put it like that, yes.
Note that chaumian ecash is not this way.
Exactly they are no 'coins', no 'notes', no 'currency units'.
There is only a chain of digital signatures. There is no issuance of currency.
When a new block is found a new special digital signature is created.
The signature announced publicly to anyone who will listen.
They are no wallets because there are only keychains that hold public/private key pair data.
#bitcoin is Text. Data. Speech.
Reification :)
