Really ? i’m reading and trying to understand about it 🤓🙂
Discussion
Yes, in the future, 1,000,000 sats will be far more rare for a person to own than $1,000,000.
₿itcoin is designed to increase in purchasing power forever.
Few.
Really,i’d like to understand how it works (?) 😦🤯👾
how is it decentralized?
is there someone taking care of bitcoin network ?
Yes, miners and nodes secure the network in a symbiotic insentive based system.
Miners, typically in pools, expend energy to brute force guess a large random number roughly every 10 minutes.
The first miner to find this number gets to write the next block in the blockchain.
The voluntary nodes then verify that the miner has followed the rules set forth in the genesis block by auditing every single transaction since bitcoin’s inception and then rewards the miner with 6.25 ₿tc.
If the miner cheats, by say trying to double spend or increase the 21 million cap, the nodes reject the block and the miner has wasted energy/capital, which is costly. This is why Proof of Work is the very soul of ₿itcoin and without it, ₿itcoin would be worthless, like Ethereum. Lol.
By pegging ₿itcoin’s issuance to the one thing in the universe that can not be created nor destroyed, energy; Satoshi Nakamoto created the hardest money the world has ever known and simultaneously discovered absolute digital scarcity.
Money 1.0.
Wow 😧
and who are the miners and nodes ?
Could be anyone. Nodes are easy to run on a pc, laptop, or raspberry pie! The core software is kept small in order to incentivize decentralization!
Mining is a bit harder to get into because it is possibly the purest form of competitive worldwide capitalism to ever exist! Mining is so competitive that only the cheapest or free stranded energy is used in order for miners to stay in business. Totally cool!
and i could understand that Mining is more profitable than noding??
Nodes don’t earn.
Miners can earn, but it’s very competitive.
Ok,so how do i buy things?
🙂
i could imagine,just in place where crypto is accepted ,right?