P01 notes session 10.9 Report: #Bitcoin First Revisited by Fidelity Digital Bitcoin is the only digotal asset that matters. It is fundamentally different than all other digital tokens in its security and decentralization It is not vulnerable to innovative destruction from competitors bitcoin the asset vs Bitcoin the network Bitcoin is best understood as a monetary good A monetary good is a good that is valued for its tradeability for other goods, not its consumption or use Bitcoin is superior money to gold and fiat currency based on properties of durability, divisibility, fungibility, portability, verifiability, and scarcity Bitcoin's value is driven by its enforceable scarcity of 21 million bitcoin Unlike gold which is relatively scarce, bitcoin is provably finite There will only ever be 21 million bitcoin Two key characteristics underpin the scarcity of bitcoin: decentralization & censorship resistance Bitcoin has promising potential to be the primary monetary good for humanity The value of a network increases exponentially as the number of its users grow Monetary network effects are extremely powerful Bitcoin is the first and only truly scarce digital asset ever created Any subsequent monetary good will be reinventing the wheel. The wheel can only be invented/discovered once 21 min Pg 1-7 #finney21 #bitcoin