https://bitcoinapolis.blogspot.com/2023/09/bitcoin-like-time-scarcity-in-base.html

September 25, 2023

To me, Bitcoin is Genius Math, it's incredible. But we are missing one massive part to Bitcoin Adoption, the right words. I'd give most Bitcoiners, including me, a big fat D-. It's a 'work in progress' and it was even summed up perfectly by Satoshi himself:

"It's very attractive to the libertarian viewpoint if we can explain it properly.

I'm better with code than with words though."

Satoshi Nakamoto, 11/14/2008

After all the words used, the mantra of all Bitcoiners should come down to this, said by many for years:

"Protect the integrity of the Bitcoin Base Layer over everything else."

One has to understand the basics of the Bitcoin Base Layer and it comes down to one word that cascades down from one Bitcoin all the way to one Sat or one transaction. That word is 'Scarcity.'

Bitcoin Scarcity SUMMARY

Bitcoin is scarce on many levels:

Units - Total whole Bitcoin units. (e.g. 21,000,000 each divisible by 100,000,000 sats)

Blocks (e.g. every ~10 minutes)

Blocksize = Block Weight (e.g. 4MB)

Block Space (e.g. 1.5 - 2.5 MB total per block for financial transactions)

Bitcoin Scarcity DETAIL

1) Scarce Units:

21,000,000 total (We are already at 19 million with up to 3-4 million lost since the beginning and the last BTC will be mined in ~ 2140.

2) Scarce Blocks

Blocks produced every 10 minutes means a total of 900 Bitcoin mined today. That number will be cut in half by around 450 around April 2024. (i.e. Scarcity built in over time.)

3) Scarce Blocksize (aka Block Weight) (every ~10 minutes)

Blocksize/Block Weight is 4MB maximum or 4 Million weight Units per Block (Side tangent Blocksize War to SegWit to LN)

1.5-2.5 megabytes for Bitcoin financial transactions (Ordinals put it to the highest level and Mempool shows we are totally full regardless.)

~27000 Transactions per block

4) Scarce Block Space

Block Space may be scarce and miners are not obligated to fill up all blocks to max Block Weight. You can't go back and add more transactions to previous blocks with unused block space.

The very best podcast I have ever heard on explaining all this is from Natalie Brunell with Bob Burnett September 14, 2023. Natalie even has it broken out where they talk about all this and Links are provided.

I have been so pro Natalie since day one. She deserves a ton more respect.

Rest here: https://bitcoinapolis.blogspot.com/2023/09/bitcoin-like-time-scarcity-in-base.html