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|価値尺度||Unit of Account||A unit of account is the standard denomination of money used by investors, economists, and accountants to measure value. A unit of account provides a common reference point to convey value across different goods. For example, inches are a unit of measure for length in the same way that dollars are a unit of account for value.The Swiss Franc is commonly used as a unit of account for historical comparisons of currency value because it has maintained relatively consistent value over a long period of time, unlike other fiat currencies.International transactions can include multiple denominations of currency. In these transactions, the dollar is typically chosen to serve as a unit of account for the involved parties. However, a unit of account must have a relatively consistent value to be a reliable measurement of value.Money that fluctuates in value does not operate well as a unit of account. When a unit of account continually increases or decreases in value relative to the currency of each party, it can add confusion to the transaction and tax accounting.||2,100 sats|
|価値貯蔵手段||Store of Value (SOV)||A store of value is an asset whose investment thesis is its ability to preserve value across time, with little to no depreciation.A store of value can be stored, saved, and exchanged in the long-term without concern that it will deteriorate in value. In order to be considered a store of value, the asset or currency must be able to maintain or increase its value over time. Since its inception, Bitcoin has proven itself as a superior store of value to both gold and U.S. Treasury bonds.Info: Btcoin's ability to maintain its value overtime relative to the value of fiat currency has incentivized companies and individual investors to exchange fiat currency for bitcoin. Btcoin's ability to maintain its value overtime relative to the value of fiat currency has incentivized companies and individual investors to exchange fiat currency for bitcoin. Gold is also considered a strong long-term store of value and has maintained its value over time. U.S. Treasury bonds can also be considered a store of value because they retain or increase in value as they reach maturity.||2,100 sats|
|可分性||Divisibility||Divisibility is the property of a good that can be broken into smaller amounts without losing value. Because economic transactions frequently occur in varying amounts, a currency must be divisible to be used broadly in an economy. The cumulative value of the currency must also remain the same after it has been divided into different denominations. Not all goods that can be divided have strong divisibility. For example, a car provides great utility, but half of a car provides no utility at all. Divisibility is one of the primary failings of gold as a currency; it is not easily divisible into smaller denominations. The U.S. dollar is printed and distributed in varying denominations, including coins, in order to make efficient use of money in transactions. Even so, the inconvenience of carrying around coins frays the dollar’s divisibility. As a fully digital asset, bitcoin is infinitely divisible. On the Bitcoin blockchain, each bitcoin can be divided into 100 million pieces, called satoshis. However, spending a single satoshi on the blockchain is impossible due to transaction fees. Thankfully, bitcoin can be used in infinitely small denominations on other layers, including the Lightning Network. Importantly, division of currency, whether it be satoshis or U.S. dollars, into smaller denominations does not result in inflation.||2,100 sats|
|カンティロン効果||Cantillon Effect||The Cantillon Effect describes the uneven effect inflation has on goods and assets in an economy. Since new fiat money is injected into an economy at specific points, its effects are felt by different people and industries at different times. This causes a distortion in relative prices and benefits certain parties while disadvantaging others. When new money is added to the economy, it will naturally raise the price of goods and assets. However, not all prices will rise by the same amount or at the same time. The Cantillon Effect asserts that the first recipient of the new supply of money has an arbitrage opportunity of being able to spend money before prices have increased. This is partially due to the fact that new fiat money is created at almost zero cost and given to specific parties, usually banks. These banks have an opportunity to spend this money on goods and assets whose price has not yet reflected the increase in money supply. Banks can thus buy goods at a discounted rate. As the new money flows from central banks to private banks to investors to ordinary citizens, prices gradually begin to reflect the increase in the money supply. By the time ordinary citizens experience the increased money supply, they will be buying goods at higher prices. Thus, the flow of new money through the economy is beneficial to parties that receive the funds first, and less beneficial to those that receive it later on. The individuals and institutions closest to the central bank – banks and asset owners – are granted financial advantages at the cost of those least connected to the financial system. As a result of the Cantillon Effect, inflation can be seen as a non-legislative and regressive tax on the purchasing power of citizens by the government.||2,100 sats|
|希少性||Scarcity||Scarcity is the property of a good which cannot be costlessly replicated. Scarcity is not dependent on the number of existing units of a good, but rather on the costliness of producing more units. For money to function well, it must be widely available, but not easily found or created. If money can be readily found and created, it has weak scarcity, and the trust and value of such money will degrade over time. If a good is not widely available, it cannot support economic activity, and will not be used as money. Since fiat currencies are either paper or digital, they have extremely low natural scarcity. To impose artificial scarcity on the U.S. dollar, the U.S. federal government declares that only the Federal Reserve can create legitimate U.S. dollars. However, by creating unbacked loans, private banks also increase the money supply at low to no cost. Bitcoin, unlike any other good in history, pairs strict scarcity with a finite supply. Bitcoin’s difficulty adjustment algorithm ensures that new coins are always produced at a cost and that this cost remains close to the real price of bitcoin. Additionally, Bitcoin’s halving algorithm guarantees that there will never be more than 21 million bitcoin, a feature which drives bitcoin’s value proposition.||2,100 sats|
|グレシャムの法則||Gresham's Law||Gresham’s law states that “bad money drives out good”. In other words, in an economy where two currencies are in use, individuals will spend the bad money, which is constantly devaluing, and hold the good money, which retains its value. Thus, the bad money will dominate in terms of circulation and use in daily transactions, while good money will dominate in terms of savings and long term investment. For example, in the case of Bitcoin, imagine an individual who holds both bitcoin and U.S. dollars. If they spend money to buy goods, they should rather spend their dollars as dollars are constantly losing value. If they were to spend their bitcoin, they would lose out on bitcoin’s potential future rise in valuation. This is one of the reasons Bitcoin has grown faster as a store of value than as a method of payment. Gresham’s Law is most visible when a government or central bank legislates the value of money through legal tender laws or a currency peg. For example, in 1965, the United States government reduced the silver content of half-dollar coins from 90% to 40%. Both 90% silver coins and 40% silver coins were legislated to have the same value. This led to most 90% coins being melted down, exported, or otherwise removed from circulation.All your fine gold was convayd ought of this your realm. — Sir Thomas Gresham explaining the consequences of debasement to Queen Elizabeth, 1558. Gresham’s law explains how government interference in the supply and valuation of money can harm an economy. When Henry VIII of England debased England’s silver coins and enforced an inaccurate peg between gold and silver coins, the more valuable gold coins were sold abroad, where their price was not legally suppressed, leaving England impoverished by low quality money.||2,100 sats|
|携帯性||Portability||Portability is the ability of a good to be transported easily across space. Portability is an important feature of sound money; in order for a money to be widely adopted, and therefore usable, it must be able to move across borders, between individuals, and over long distances with relative ease. If a money is not sufficiently portable, it will not be used by enough individuals to support an economy and will quickly be replaced.While gold fulfilled many of the necessary traits of money, its poor portability hindered its use and ultimately led to its centralization in the hands of banks.||2,100 sats|
|検閲耐性||Censorship Resistance||Bitcoin is censorship resistant in the sense that no single entity has the ability to reverse a Bitcoin transaction or blacklist a wallet or address. Any node can broadcast a transaction, and any miner can mine any transaction. Thus, censoring a Bitcoin transaction is virtually impossible. When a Bitcoin transaction is submitted to the network, it is relayed from node to node until it has reached most nodes. These nodes keep unconfirmed transactions in a database called the mempool, and miners gather transactions from the mempool to build the blocks they attempt to add to the chain. When a miner mines a block with a transaction in it, that transaction is removed from the mempool and is considered confirmed. This process has relatively few chokepoints. As long as an individual can reach a node on the Bitcoin network, they can broadcast a transaction and trust that it will be confirmed. In order to preempt the attempts of governments or other large organizations to censor transactions, Bitcoin developers have engineered many unique ways of broadcasting transactions, including over mesh networks, satellites, and HAM radio.||2,100 sats|
|検証性||Verifiability||Verifiability is a property of a good which can be easily differentiated from impostors and counterfeits. A good must be verifiable in order to maintain its value. Otherwise, individuals in the market will lose trust in the good, be exposed to unnecessary risk, and cease to use it. For most physical goods, the government takes charge of establishing the verifiability of goods through copyright and fraud laws and other regulations. Governments also attempt to maintain the verifiability of their fiat by incorporating elaborate mechanisms such as watermarks into their paper money. This does not always stop counterfeiters. Visual and physical indications can occasionally verify legitimate vs. illegitimate paper currency, and more time-consuming chemical tests can be used to further verify the legitimacy of a currency. Processes exist to verify the purity of gold, however, they are expensive, cumbersome, and not scalable. Bitcoin, on the other hand, maintains the strongest verifiability of any money in history. Any individual can verify their ownership of bitcoin as well as the total supply of bitcoin by running a Bitcoin node. This is what makes Bitcoin such a trustless and trustworthy system.||2,100 sats|
|公開鍵||Public Key||公開鍵はビットコインの受け取りに使われます。公開鍵に送信されたビットコインは、対応する秘密鍵の所有者しか使用できません。公開鍵は私書箱に例えることができます。 誰でも私書箱に郵便物を送ることができますが、その郵便物にアクセスできるのは、（秘密）鍵の所有者のみです。秘密鍵には対応する公開鍵が 1 つだけあり、その逆も同じです。公開鍵は公表しても問題ありませんが、秘密鍵は誰にも知られないよう安全に保管する必要があります。
|交換手段||Medium of Exchange||A medium of exchange is a type of good that facilitates the exchange of other goods and services within an economy. Historically, items like shells, beads, and gold were used as a medium of exchange. These items lacked the necessary characteristics of money to remain efficient mediums of exchange, including scarcity, durability, portability, fungibility, and divisibility. Today, fiat money is the most common medium of exchange in the global economy because it is highly-liquid and widely-accepted. Bitcoin is widely used as a medium of exchange in regions with political and financial instability and in black markets. As Bitcoin becomes more liquid, it has the potential to become a widespread medium of exchange.||2,100 sats|
|コインジョイン||CoinJoin||A CoinJoin is a large Bitcoin transaction which takes inputs from many different users and returns many outputs of identical amounts, so that an observer cannot easily determine which outputs belong to which of the participants. CoinJoin provides increased privacy for owners of bitcoin by breaking the heuristics used by chain analysis companies. CoinJoin transactions obscure ownership of specific pieces of bitcoin (UTXOs). CoinJoin is distinct from mixing services in that CoinJoin operators never take custody of any funds. Users maintain control of their bitcoin at all times. Check out an example of a CoinJoin transaction on the blockchain here. In order to construct a CoinJoin transaction, users cooperatively contribute inputs to a transaction and receive the same amounts of bitcoin as outputs, all in uniform amounts. For example, if 5 users input amounts of 1, 2, 3, 4, and 5 BTC, there will be five inputs totalling 15 BTC, and there will be 15 outputs, each worth 1 BTC. Since each input is of exactly the same amount, it is impossible to tell which 1 BTC outputs belong to which user.||2,100 sats|
|コンセンサス||Consensus||Consensus is an ideal and the method of coordination between individuals in a decentralized system such as Bitcoin or other open source projects. Consensus is not a form of democracy: there are no forms of voting, representation, credentials, or gatekeeping involved in a consensus-based system. Nor does consensus require 100% agreement. Consensus is an ideal in the sense that, in most cases, there is no absolute agreement between all parties involved.
Consensus is required at multiple levels of Bitcoin: consensus must be achieved in maintaining the Bitcoin source code, and it must be maintained between all nodes storing and validating the blockchain. At the source code level, consensus is achieved by allowing anyone to propose, review, and comment on changes. This process is usually slower than centralized projects because discussion and review is applied intensively to any change before it is implemented. However, this process ensures that no special interests are served over others, and no private parties are capable of dictating Bitcoin’s future for their own gain.
At the blockchain level, consensus must be maintained by all nodes running compatible code. All nodes must agree on core parameters such as how many new bitcoin are created per block and what blocks and transactions are valid. Additionally, nodes must agree on the exact state of the network—which blocks comprise the blockchain and which transactions are included therein. If nodes disagree on these parameters, the network will fracture and the blockchain will splinter into several chains. Reconciliation between competing chains is extremely difficult, so maintaining consensus is of utmost importance.
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