Getting Started | Bitchat
Bitcoin is fundamentally a time-chain, exactly as Satoshi Nakamoto described it—not a “blockchain” in the way the term is used today. The word “blockchain” was originally just a simple metaphor Satoshi chose to explain the concept to regular people (the same way he called Bitcoin “digital gold” or “electronic cash”). The real innovation is the ever-growing chain of blocks ordered and secured by proof-of-work, which creates an unbreakable, objective record of time—hence: a time-chain. What fintech “experts” and consultants now call “blockchain technology” is almost always something completely different: centralized or permissioned ledgers, consortium chains, or fiat-pegged tokens. When they say “everything will be tokenized on the blockchain,” they’re talking about putting traditional financial assets on these imitation systems—none of which have Bitcoin’s open, neutral, immutable properties. Those are just digitized fiat, not Bitcoin. So yes, Bitcoin got stuck with the name “blockchain,” but that term has since been hijacked and diluted. At its core, Bitcoin remains the original time-chain: the only monetary network that reliably timestamps history without trusting any third party. Everything else wearing the “blockchain” label is usually just old finance in a new costume. Here is a tool you can use to explore this innovative idea:
"What role do intermediaries—such as merchants, distributors, and traders—play in the market? Far from being mere profiteers, these intermediaries play an essential role in the division of labor. Without them, society as a whole could not function." -- Ulrich Fromy Bastiat’s long-forgotten case for middlemen is worth dusting off. Are banks, payment processors, platforms, and merchants actually the bad guys—or is the real issue that we handed them ownership of the very networks they operate? With Bitcoin, Lightning Network, and Nostr as working proofs, we can keep all the speed and convenience that intermediaries provide while stripping away their ability to control, censor, or extract rents. The question is no longer whether it’s possible; it’s what it will actually take to finish building that world. Article: Frédéric Bastiat: The Unseen Role of Intermediaries https://mises.org/mises-wire/frederic-bastiat-unseen-role-intermediaries