Somebody decided that a thing will be a thing and that is how it became a thing. No this is not going where you think it is. It is not about who created who, but yes, it is about who creates bitcoin? Or do they create themselves?
I was younger when i was told the nonfactual story about how a fairy comes and puts small, beautiful roses in hospital beds that bloom out to be infant babies. But, no, we are not telling you such a story. We bring you the truth of how what when where of Bitcoin multiplies and expands.
With paper money, a government decides when to print and distribute money. Bitcoin doesn’t have a central government.
But, Bitcoin has developers and creators, however, these creators are not to be confused as owners. Grab Your Hamburger, This Is Getting Intense!
Who owns it?
The owners of Bitcoin are the miners. These miners are the people who mint this currency. They may not be the ones who started it, but they, together are keeping it up and running. These miners actually produce more and more coins as the time comes for them. This is down systematically and logically. This works on some basic guidelines governed by basic rules and regulations decided in the organisation internally.
Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Mining is basically keeping the older coins intact for exchange of a reward (that is new and fresh coins for the caretaker).
This high algorithm crunching energy is important. This is the magic ingredient that makes the transactions of high-tech cryptocurrency difficult to hack or defraud. This process has been intentionally slowed down to suit the needs of security.
Why is it hard?
All great things are. (No this was not a joke to appeal to all the patriarchal societies inhibiting on earth).
The process of mining is slow and hard. This is to ensure that there are no lies or loopholes within the system, heavy algorithms are applied. These heavier algorithms are not only hard to replicate but also more time taking to crunch. Faulty transactions are blocked and they cause the system breach to be brought out to public attention in no time. So this mining operation is rightly paid for. It is keeping the network safe after all.
During the slowed process, Proof of work is calculated along with other items such as Proof of stake and Proof of Content etc. These items represent the facts of a transaction and its journey from the start to the latest activity in a cryptic, mathematical representation that acts as evidence of great transparency.
So they are made and earned, not printed, copied or counterfeited.
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