MustHaveMoreSats on Nostr: #Bitcoin is indestructible, immutable, and aligns incentives. The Bitcoin network is ...
#Bitcoin is indestructible, immutable, and aligns incentives.
The Bitcoin network is a decentralized financial institution. No one person is in charge of it. It is a computer program currently running on around 20,000 reachable computers worldwide, called "nodes." Some of these nodes are located in underground bunkers, while others are said to be orbiting the Earth on satellites. As long as a node survives, the network survives. For this reason, the Bitcoin network is nearly indestructible. Each node has the same ledger, making fraud impossible. All transactions are confirmed by these networks. In my opinion, banks are scared of this technology for that very reason. The ledger contains every Bitcoin transaction ever made. You can download the entire ledger to your computer for free and be the next person to run the Bitcoin network. Its current size is nearly 600 gigabytes but you can run a "pruned" version that contains only a partial record of the ledger. We live in a world where you can download a program to your computer and be your own bank. If Bank of America or Wells Fargo were to fail, wouldn't you rather have your savings on an indestructible global ledger?
I feel like more people need to take the time to understand how powerful this technology is. It has the potential to keep the world #honest and improve moral incentives.
The Bitcoin network is a decentralized financial institution. No one person is in charge of it. It is a computer program currently running on around 20,000 reachable computers worldwide, called "nodes." Some of these nodes are located in underground bunkers, while others are said to be orbiting the Earth on satellites. As long as a node survives, the network survives. For this reason, the Bitcoin network is nearly indestructible. Each node has the same ledger, making fraud impossible. All transactions are confirmed by these networks. In my opinion, banks are scared of this technology for that very reason. The ledger contains every Bitcoin transaction ever made. You can download the entire ledger to your computer for free and be the next person to run the Bitcoin network. Its current size is nearly 600 gigabytes but you can run a "pruned" version that contains only a partial record of the ledger. We live in a world where you can download a program to your computer and be your own bank. If Bank of America or Wells Fargo were to fail, wouldn't you rather have your savings on an indestructible global ledger?
I feel like more people need to take the time to understand how powerful this technology is. It has the potential to keep the world #honest and improve moral incentives.