According to @adam3us, Bitcoin is permissionless bearer money and a realization of cypherpunk bearer e-cash ideas, underscoring BTC's censorship-resistance and self-custody for peer-to-peer value transfer without intermediaries, source: Adam Back on X, Nov 11, 2025. For trading strategy, bearer and irreversible settlement properties highlight custody choice and on-chain settlement finality that influence exchange reliance and transfer latency, source: Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008. On-chain context aligns with this thesis, with BTC held on exchanges at multi-year lows during 2023-2024, affecting readily tradable float and market microstructure, source: Glassnode on-chain exchange balance data, 2023-2024.