Business

The Satoshi Mining Processes

One way of looking at the future of the economy is the idea of a “Bitcoins Renaissance”, or a new financial paradigm shift in which people are able to use, transfer and exchange goods and services digitally. This could be done via a network of websites called a” Bitcoins Virtual Private Network”, or a” Bitcoins Broker Network”. What this would entail is that instead of being able to send orders from a business to a manufacturer, the business owner would instead be able to buy the goods online from a manufacturer and then have them sent directly to his customers. The same would apply to companies that have excess stock that they want to sell online; instead of having to figure out if they want to physically hold a certain piece of stock or if they want to convert their current stock into cash, they could instead buy the goods online and have them sent to their customers using a Bitcoins Broker Network.

But the problem with this is that there will still be a need for someone to verify that a transaction (the buying and selling of goods and services) is legitimate. So if you think about it, does the whole world need one single company or authority to act as the sole buyer, seller and producer of the cryptocurrency, or does it make sense for there to be multiple layers of decentralization? Many people are concerned about the mining of bitcoins and the increased power it gives the miners. Mining is the process by which new bitcoins are created and the proof of this is the growing pool of miners as well as the regular influx of new blocks of transactions.

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Although the number of miners does play a role in how the protocol is set up, it is actually the usability of the protocol that makes the most difference. The more useful it is, the more useful it becomes as a transactional tool on the entire market landscape. Therefore, Nakamoto’s original plan of using the central government to regulate the mining process doesn’t sit well with some people who are very distrustful of the central government. However, most people seem to be forking over the extra costs for proof-of-work (proof-of-stake) and therefore, Nakamoto’s trusty central government may soon find itself with less work to do than designing and developing the bitcoin protocol.