Bitcoin

Bitcoin, represented by the token name BTC, is the first digital currency transacted and stored on a distributed digital ledger maintained by a consensus of the participants holding copies of the ledger which is also called a blockchain. Bitcoin is not issued by a government; it was created by an unknown entity (person or persons) called Satoshi. Once the blockchain and the tools to read and write to it were published, everyone is free to participate. Over 100,000 nodes now participate and the total market value of BTC in USD is measured in 100s of billions. Unlike other currencies issued by governments, BTC cannot be diluted unpredictably; a known and finite quantity of new BTC will be created for mining rewards until the specified number has been created.

How is Bitcoin relevant to the Network State?

Bitcoin has shown the world that people can use technology and voluntary cooperation to provide a competing alternative to one of the major functions of government - creating and maintaining a money supply. The Network State concept expands on this precedent to propose providing other services that have traditionally been provided by government using a new approach built on voluntarism and technology.