💭 [Analysis] A few thoughts on what bitcoins are - Joe Kendzicky

There is no coin, or token, or "bitcoin" in Bitcoin ($BTC) explains Joe Kendzicky. Instead Bitcoin is a simple accounting ledger where ownership of simple code, called an unspent transaction output (UXTO), is transferred between users. Copying the code underlying Bitcoin is trivial but the code is not what makes the chain scarce and secure. Instead, Kendzicky argues that the true value in Bitcoin comes from the vast amount of resources (both energy and capital) expended in the proof-of-work process. While anyone can copy the Bitcoin state and launch a new chain but can not copy the energy that went into validating blocks. This is where Kendzickybelieves alternatives to proof-of-work will fall short.