One Bitcoin is like another. Is that really true?

Interchangeability, or fungibility, is a basic property of money. At the protocol level it also holds for Bitcoin: the network knows no category of “clean” or “tainted”.

Boris Jurczyk and Jan Horak show why institutional practice can still reach a different result. Bitcoin knows no individual coins with serial numbers, only transaction outputs. How the origin of a holding is assessed is not set by the protocol but by a methodology outside it.

Video (German-language episode): https://youtu.be/jroklqHuM0Y

What the episode covers

• Transaction history, attribution and assessment as three separate levels
• How different attribution models from research lead to different findings on the same blockchain data, and why this does not reveal which methods commercial providers use
• What this means for institutional investors: origin checks by trading venues and custodians, the Travel Rule and the importance of the access route

Endlich verstanden

One Bitcoin is like another for the protocol. Not necessarily for everything that comes after.

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About the format

“Endlich verstanden: Digitale Assets” is a German-language educational series from 21Nexus. “Endlich verstanden” means “finally understood”. In each episode, Boris Jurczyk and Jan Horak discuss a widely held statement about digital assets and answer one simple question: Is that really true?

The episode is in German. Watch it on YouTube: https://youtu.be/jroklqHuM0Y. It is also available on Spotify and Apple Podcasts.

The content is provided solely for general information and context. It does not constitute investment advice or a recommendation to buy or sell financial instruments and does not replace individual advice.