The original network.
WHAT IT WAS DESIGNED FOR
Electronic payment between parties without a financial institution.
WHAT ITS DESIGN CHOICES WERE
A fixed maximum supply Work-based consensus Simple scripting, deliberately limited Blocks at roughly fixed intervals
WHY LIMITED SCRIPTING
Simplicity reduces the ways it can fail.
WHAT THE SUPPLY SCHEDULE IS
Issuance halving at defined intervals, approaching a fixed cap.
WHAT THAT PRODUCES
Predictable, declining new supply.
WHAT ITS THROUGHPUT IS
Low, by design, prioritising verification by many participants.
WHAT THAT MEANS
It is not suited to small frequent payments directly.
WHAT PAYMENT CHANNELS ADDRESS
That limitation, by settling periodically.
WHAT THE PRINCIPAL DEBATES ARE
Whether it is primarily a payment system or a store of value Whether energy consumption is justified How to scale without weakening verification
WHAT ITS DISTINCTIVE PROPERTY IS
The longest record of operating without central control.
WHAT ITS LIMITATIONS ARE
Limited programmability Slow settlement Fee volatility Energy consumption
WHAT TO UNDERSTAND
That it is one design among many, with deliberate trade-offs.
