Bitcoin market, history and myths

Card 149

Bitcoin market, history and myths
Card 149
Topic 12 · Bitcoin market, history and myths · Navigator

If someone copies Bitcoin's code and creates another currency from it, have they created a second Bitcoin?

Card answer

Correct answer

Answer D: No. The code and currency can be copied, not Bitcoin's network and history.

Quick explanation

Many cryptocurrencies have been inspired by Bitcoin. Creating a new currency does not mean creating a second Bitcoin.

Detailed explanation

Bitcoin Core is released under the free MIT licence. Anyone can inspect, copy and modify the code. An unchanged copy running with Bitcoin's network parameters is initially just another software instance that can connect to the existing Bitcoin peer-to-peer network and validate its blocks. It does not create a new asset.

Anyone who changes parameters, the genesis block or the rules and starts a separate network begins a different history. That network does not automatically possess Bitcoin's existing UTXOs, accumulated proof of work history, nodes, miners, wallet infrastructure, users, trading pairs or liquidity. Those features emerge through actual participation and shared use.

Even a fork from an existing history remains a separate network with its own future once the rules diverge. Source code is therefore important, but Bitcoin is more than files. It is the interplay of rules, validated history, a communications network, economic participants and voluntary social coordination. Copying code can reproduce functions; it does not automatically copy the entire system.

Key takeaway

Code can be copied; a network, history and acceptance do not arise through copying.

Common misconception

Open source is confused with the ability to reproduce the same monetary system at will. A copy of the code creates a new software instance or a separate network, not automatically the same Bitcoin.

Sources used

Primary source · EN · Technical source

Bitcoin Core - Projektbeschreibung und vollständige Validierung

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This source is mainly intended for developers. The relevant information may therefore be harder to find.

Check original source
Supplementary source · EN · Technical source

Bitcoin Developer Guide - P2P Network

HTTPS: YESChecked: 19.09.2026REACHABLE

This source is mainly intended for developers. The relevant information may therefore be harder to find.

Check original source