I would like to lay out a few of Bitcoin’s operational processes. I know… many of you are very intelligent and grasp Bitcoin well, but there’s a recent upheaval in the core philosophy of Bitcoin. So, if I may, let’s revisit how Bitcoin does what Bitcoin is good at.

Firstly, there are the miners. The much-sought-after laborers of the Bitcoin network. Toiling away, independently seeking that magic hash that will yield the block reward with their many trillions of guesses per second. The keyword here being independently. Are they attacking each other in order to gain any advantage over the others? No. Are they working to erode away the resources or capabilities of their fellow miners in order to gain an advantage? Negative. They are simply putting forth as much effort as each is capable of in order to hopefully find that sweet spot that solves the algorithm of the next block. Bitcoin miners are no more committing violence against each other than the participants in a lottery, or a game of bingo.

(Excerpt) Read more Here | 2021-08-20 16:00:00
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