Reserve banks have accounting ledgers (assets and liabilities). Bitcoin is a property ledger (no liabilities)

Property ledgers just register facts about ownership of something that exists independent of the ledger. The blockchain is not only registering who owns which UTXOs, it’s also the actual place where the UTXOs exist. Get rid of all land ownership listings, and the land itself still exists. This also means that the property ledger cannot generate new items that didn’t already exist.

A cryptocurrency, on the other hand, can have arbitrary rules governing the generation of the asset. It also means that the existence, not just the ownership of bitcoins, is defined by the ledger — not anything external to it.

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