The Shape of Bitcoin ~ Bitcoin to the Max
World Crypto Network
Bitcoin's value is in satoshis, not their shape. On-chain and off-chain forms—single-sig, multi-sig, timelocks, Lightning, payment channels, sidechains—are equivalent, like gold in bars, coins, jewelry. Rothbard's 'What Has Government Done to Our Money' applies: transforming between shapes is work priced by markets. On-chain fees are higher because the work is more expensive; this reflects cost, n

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