The ongoing debate about the true Bitcoin that realizes Satoshi Nakamoto’s vision is a perennial favorite in the crypto scene. Litecoin Founder Charlie Lee tried to explain why Bitcoin, including the Lightning Network, comes closest to this vision.
Lee shared via Twitter why he believes Bitcoin, along with the ever-growing Lightning Network (LN), represents Bitcoin’s original concept, as expressed in Satoshi’s Nakamoto’s whitepaper. Although the LN did not exist when Bitcoin was introduced in 2009, it expands the network’s capabilities to act as a fully decentralized peer-to-peer payment network.
Technically, the LN is a payment protocol that works on a blockchain and handles transactions outside the main chain. This allows bottlenecks to be effectively bypassed by the miners so that the transaction confirmation is instantaneous.
The development team says that once successfully developed and deployed, the LN can handle millions to billions of transactions per second over the network. This could make Bitcoin a “legitimate form of payment”, which has become more prevalent in some states, with no bottlenecks or the like that a functioning monetary system could interfere with.
In a nutshell, Lee summed up why Bitcoin brings intrinsic value and is well-suited as a means of payment, stating:
“You have a new form of money that cannot be blocked from spending, cannot be reversed or taken away, cannot be counterfeited and cannot be devalued. These four properties of Bitcoin make it very valuable.”
2/ The broadcast network IS p2p, but strictly speaking payments are not p2p. The sender can ignore the p2p network and directly communicate the transaction to miners to send payments. The sender doesn't have to have any communication with the recipient in any p2p manner at all!
— Charlie Lee [LTC⚡] (@SatoshiLite) October 6, 2018
Another celebrity of the scene is the evangelist for Bitcoin Cash, Roger Ver, who is also known as “Bitcoin Jesus” for his early backing of bitcoin startups. Ver also claims to realize the vision of Nakamoto. He stated that Bitcoin has no intrinsic value but that the value lies in the eye of the beholder and not in the object itself.
To date, the identity of the founder of Bitcoin has yet to be revealed, other than the pseudonym Satoshi Nakamoto. Although there are indications that the CIA and the NSA have discovered their identity, this information remains under wraps.