31 sats \ 1 reply \ @kepford OP 15 May \ parent \ on: What's the best explaination of Proof of Work Mining for non-technical people bitcoin
Very good.
And these people running computers are incentivized into doing this work to secure the network by being rewarded with bitcoin. The fact that they are willing to expend capital to run these machines is one way to tie this digital token to the physical world.
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0 sats \ 0 replies \ @_stacktoshi 15 May
Yeah, sorry, left out that key bit about what to incentivize them with. Was in a rush. lol
And tying to the physical world is how we know each block (each puzzle or set of transactions) is mined (solved or validated) using real work, a fact that many imitators can't claim or at least nowhere near the extent of the Bitcoin network.
Finding the right combinations of words for the right audience is tricky though. I need to dust off my copy of the Bitcoin Standard and make sure I'm phrasing these concepts correctly for a broad audience.
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