Bitcoin arouses passion, curiosity and has received more and more media attention, especially after having climbed the ranks of the best financial asset of the decade. However, whenever its price goes up, many doubts and questions arise, mainly around its origin and the energy expenditure by miners.
The Bitcoin protocol has created a unique digital asset
To understand how Bitcoin (BTC) is created and what mining is, the key is the double-spending problem.
Before Bitcoin, there was neither a digital value to be transferred nor a digital asset to be divided into several parts. That is, if you scanned a $100 bill and wanted to transfer this bill to someone, you could only send a copy of this bill.
We are all used to smartphones and computers already. We send emails, photos, but we don’t realize that process in reality: We send a copy of the email (and not the original email), a copy of our photos (and not the original). When we click the send button on a smartphone or computer, a copy of the original will always remain on our device.
Likewise, regarding financial transactions, when we click on the send button in our internet banking accounts or at an ATM,Title: Is Bitcoin a waste of energy? Pros and cons about Bitcoin mining
Sourced From: cointelegraph.com/news/is-bitcoin-a-waste-of-energy-pros-and-cons-about-bitcoin-mining
Published Date: Sun, 24 Jan 2021 09:14:00 +0000
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