Part 5/11:
Livingston emphasizes Bitcoin’s revolutionary transparency: the entire transaction history, or blockchain, is publicly available and auditable in real-time by anyone. Every Satoshi is accounted for, and there’s no need to trust gatekeepers like vaults, assay reports, or opaque audits. Gold, on the other hand, relies on trust and secrecy; you buy a claim in a vault in London, but you rarely get to see its contents, and the entire system is built on faith.
Bitcoin’s ledger is a decentralized, global recording system—an incorruptible truth machine—while gold’s ledger is a guarded filing cabinet subject to manipulation. This transparency offers unparalleled assurance and verifiability, empowering holders with genuine ownership rights instead of receipts for rumors.