An alternative to fiat currency update
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- 13 12 2023
Nakamoto originally designed bitcoin as an alternative to traditional money, with the goal for it to eventually become a globally accepted legal tender so people could use it to purchase goods and services.
In many ways, bitcoin works in the opposite way as traditional money: It is not controlled or issued by a central bank, it has a fixed supply (which means new bitcoins cannot be created at will) and it’s price is not predictable. Understanding these differences is the key to understanding bitcoin.
Proof-of-work elevates certain network contributors to the role of “validators” – more commonly known as “miners” – only after they have proven their commitment to the network by dedicating an immense amount of computing power to discovering new blocks — a process that typically takes approximately 10 minutes.
Proof-of-work elevates certain network contributors to the role of “validators” – more commonly known as “miners” – only after they have proven their commitment to the network by dedicating an immense amount of computing power to discovering new blocks — a process that typically takes approximately 10 minutes.
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Proof-of-work elevates certain network contributors to the role of “validators” – more commonly known as “miners” – only after they have proven their commitment to the network by dedicating an immense amount of computing power to discovering new blocks — a process that typically takes approximately 10 minutes. Alina 73 9 Dec 20 2023, 18:07
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Source Proof-of-work elevates certain network contributors to the role of “validators” – more commonly known as “miners” – only after they have proven their commitment to the network by dedicating an immense amount of computing power to discovering new blocks — a process that typically takes approximately 10 minutes.
