“Bitcoin is analogous in many ways to old systems. The exchange of value is done in the same way as a negotiable instrument or cheque.” - Dr. Craig S. Wright, Peer-to-peer electronic cash.
A negotiable instrument can be transferred or assigned to another party; in comparison, a non-negotiable instrument cannot be transferred from one party to the next but can only be redeemed or spent by the original recipient of the instrument.
Read more... The full content of this chapter is available in the two-volume book:
Bit & Coin
Merging Digitality and Physicality
Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
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Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)