Developer Jimmy Song Calls Bitcoin The First Digitally Secure Property, Good For Human Freedom
Developer Jimmy Song Calls Bitcoin The First Bearer Instrument
A bearer instrument, or bearer bond, is a type of fixed-income security in which no ownership information is recorded and the security is issued in physical form to the purchaser. Unlike normally registered instruments, no record is kept of who owns bearer instruments or of transactions involving the transfer of ownership, enabling the owner to deal with the property anonymously. The holder is presumed to be the owner, and whoever is in possession of the physical bond is entitled to the coupon payments.
Regarding bitcoin being a bearer instrument, Jimmy Song said:
“Bitcoin is the first bearer instrument that can be stored digitally. This means there is no property that can be secured digitally. This means property rights for Bitcoin can’t be restricted very easily. This is good for human freedom. We have a tool to fight oppression.”
The easiest way to explain Bitcoin and similar cryptocurrencies are to refer to them as digital bearer instruments. In fact, this parable is nothing new. Software developer Arthur Brock had said way back in 2016 that:
“Of particular importance, I think, is the distinction of cryptocurrencies as “bearer instruments” vs. typical digital accounting tools across silo-ed ledgers, with various steps of account probing, preauthorization, clearing, settlement, reconciliation, etc.”
To add to Song’s aforementioned statement, Bitcoin evangelist Parabolic Trav said:
“The beginning of anarcho-capitalism. It was never going to be private police forces enforcing property rights. It’s clear now true anarchic private property, that cannot be seized, begins with bitcoin. It will set the stage for the rest.”
This revolutionary technology gives the holder (bearer) complete monetary sovereignty over his or her wealth. But such freedom comes at a cost, and if the underlying responsibility of this freedom is not fully respected, holding a digital bearer asset can lead to financial ruin.