The recent surge in transaction volume on the Bitcoin network has sparked a debate about heightened transaction fees and the future of the network. As an accounting ledger, Bitcoin represents the first true accounting innovation in more than 700 years. It marks a transition from the private, double-entry accounting systems to a public, triple-entry system. This means that two-party transactions are written to a public ledger that is accessible to anyone on the network. The removal of stakeholders in favor of machines running difficulty-adjusted proof of work is what makes Bitcoin’s accounting system unbiased and free from manipulation.
The reason why Bitcoin’s transaction volume matters is that the network is a public, self-auditing, and immutable ledger that cannot be corrupted or altered by humans. Truth is the most important commodity in the world, and the massive amount of available information makes it difficult to discern the truth. However, the invention of Bitcoin provides an unalterable ledger that enables people to record, aggregate, and disseminate the truth without the risk of corruption or manipulation.
Bitcoin gives people property rights, sound/hard money, truth, control, and much more. The underlying ledger controlling the data on Bitcoin is the best ledger system ever invented, free from fraud, control, and manipulation. Nearly all industries have made groundbreaking discoveries and inventions since their inception except for accounting. After 700 years, triple-entry systems have just now been invented. Legacy stakeholder hesitance to accept an analog system moving to a digital, unalterable system should be questioned.
The list of possibilities of data to be recorded on the Bitcoin network is endless. All businesses, governments, and banks rely on ledgers. All data will eventually be recorded on the Bitcoin network, from wills and trusts to corporate data, climate data, vaccine data, title/ownership data, and so on. Since all data will want to be recorded on this network, this will not be the first or last time there is a wait to record your transaction. For smaller transactions, there are Layer 2 solutions such as the Lightning Network that live on top of Bitcoin and can be used immediately.
As the world realizes that the only way to preserve truth is on the Bitcoin network, the network’s traffic will increase. This increased traffic will create a robust atmosphere for entrepreneurs to build on top of the Bitcoin network, and a variety of products and services will emerge that aggregate content and write to the Bitcoin base layer. Bitcoin FUD is spread by those who are challenged or fear this technology. Understanding this network is no small task and takes thousands of hours. Anyone who says they understand Bitcoin after a cursory examination is lying or ignorant.