“As an accounting ledger, Bitcoin represents the first true accounting innovation in more than 700 years, marking a transition from the legacy, stakeholder-controlled, private, double-entry accounting systems to a public, triple-entry system.

“Triple entry” simply means that two-party transactions (debit and credit) are written to a public, immutable ledger (the third entry). “Public” means that the ledger is accessible at any time by anyone on the Bitcoin network.”