The set of forces which secure the Bitcoin transactions are defined as cryptodynamics. These forces not only help in understanding Bitcoin but also in differentiating it from other cryptocurrencies. The forces are
- Risk Sharing
- Energy Sinking
- Power Regulating
These forces are necessary to define Bitcoin. A private blockchain violates the risk sharing principle. A proof-of-stake blockchain has no energy sinking involved and blockchains with no transaction fees lack any power regulation.
This is an attempt to simplify Eric Voskuil's Crypto-economics one chapter at a time. All the chapters are listed on my bio.