Bitcoin.one Whitepaper Explained, Section by Section

The Bitcoin.one whitepaper is a version 1.0 document dated October 2026, and it is explicit that it is a draft not yet reviewed by legal counsel. It describes a Bitcoin money app built on BOB (Build on Bitcoin), a hybrid Bitcoin Layer 2 that uses the OP Stack, and a utility token called BC1. This page is a plain-English map of what the paper says, with pointers to deeper articles on each part.

What the product is. Per the paper, a user signs up with email or Google, gets a non-custodial ERC-4337 smart wallet on BOB with no seed phrase shown, deposits native BTC through BOB Gateway, and can send BTC or BC1 by @username, address, QR code or claim link. A shop built on Bitrefill sells gift cards, eSIMs and top-ups. It is live on a BOB Sepolia testnet with test tokens; mainnet is tied to a token generation event (TGE) planned for Q1 2027. For the technical background, see what a Bitcoin Layer 2 is and how BOB fits in.

What BC1 is. The paper calls BC1 a utility token for the app and stresses it is not Bitcoin. Total supply is 21,000,000,000, minted once on Ethereum, with no mint function. Our BC1 tokenomics breakdown walks through the 40% presale, 15% liquidity, 15% ecosystem and 30% treasury buckets, and the vesting article explains the 52 weekly treasury unlocks.

How money flows. Sending is free in the app. The shop charges a 2% margin, which the paper routes to a BuybackVault contract that buys BC1, burns half and sends half to rewards. The project’s own buybacks page reports on-chain activity, and we explain the mechanics, and their limits, in token buyback and burn explained.

How the presale works. Thirty stages of 280 million BC1 each, priced from $0.0010 to $0.0035, with a planned listing price of $0.0040. That is a stated plan, not a forecast of where the market will trade. Read the presale walkthrough and the presale risk checklist before putting any money anywhere.

What it does not say. The paper does not name the team, legal entity or jurisdiction, the audit firm, or exact reward rates. It lists an external audit as planned before TGE, not completed, and Bitcoin.one’s risk disclosure warns that you could lose everything you spend. We treat these gaps as part of the story, and our guide to reading any crypto whitepaper shows how to weigh them.

We are an independent publication with no ability to promise returns, and nothing here is investment, legal or tax advice. When you want the primary source, go to the Bitcoin.one app and the paper itself, and check current figures there, because a draft can change.