It's the proof of work. (POW)
All other financial systems are proof of stake (POS). That's where stakeholders control the system, including the rules, based off a percentage of their stake.
The POS system not only allows, but encourages the people at the top to actively screw everyone at the bottom.
The larger a stake you have (in POS), the larger and faster you can grow your stake. It's a system that actively concentrates wealth to the top at the expense of the bottom. It is naturally predatory. This is every form of money ever until Bitcoin.
The POW system puts everyone on an equal footing as far as Bitcoin is concerned. Sure, Bitcoin isn't going to fix people being mean and unfair to each other. But Bitcoin allows the people who use it to hold their wealth in a way that can't ever be debased or stolen.
POW creates a system where nobody can change the rules. Nobody can corrupt Bitcoin.
This difference (between POW & POS) is why people keep worrying about people who hold a lot of BTC being able to have greater control over the network. No. That's every crypto that's not Bitcoin.
Bitcoin is a miracle.
Furthermore, POW allows for only a single winner take all network protocol. This is desirable. It's Bitcoin. Literally. By definition. Bitcoin (BTC) is the proof of work Blockchain with the highest hash rate.
Thank you very much for your points. The technical view really is interesting and helpfull. I would like to add that it seems to me a big problem also that after decades of being dependent on the banking system it is hard for lot of people to understand self responsibility. They simply refuse to invest time and affort to study self sovereignty.
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Self custody is the only way to actually own Bitcoin.
Like if people understood everything about Bitcoin all at the same time their heads would explode.
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поетому биткоин дает 4 года на понимание всего что происходит! и не стоит торопить события,) все можно уложить в голове.! даже ДНК 24 слова
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I would like to add that it seems to me a big problem also that after decades of being dependent on the banking system it is hard for lot of people to understand self responsibility. They simply refuse to invest time and affort to study self sovereignty.
Yes, this so much
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Why people struggle to understand Bitcoin
Because most of the people don't know what is money.
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The POW system puts everyone on an equal footing as far as Bitcoin is concerned. Sure, Bitcoin isn't going to fix people being mean and unfair to each other. But Bitcoin allows the people who use it to hold their wealth in a way that can't ever be debased or stolen.
Exactly. In PoS, you have to stake your coins since else you get diluted by others who stake.
In PoW, you can actually use your bitcoin to buy stuff.
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The larger a stake you have (in POS), the larger and faster you can grow your stake. It's a system that actively concentrates wealth to the top at the expense of the bottom. It is naturally predatory.
This is not true for most PoS coins. Everyone is staking at the same rate and every staker's part of the whole supply is constant. This is equivalent to having a constant supply and taxing those who don't stake.
The problem with PoS coins is not that. The problem is that it's very hard to have more than 100-ish nodes. Only Ethereum ventured into thousands of nodes territory, and, if you look at Ethereum's 70% blocks censored by the government, it doesn't work very well.
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People don't get Bitcoin because they don't even understand TCP/IP. They are intellectually incurious. Most people are dumber than a wet paper bag of doorknobs.
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Выходит что тот кто придумал биткоин и подарил его нам тоже был жищьник?
Просто сейчас хищьники это мы... а POS это криветки без движений.
ты понимаешь что сейчас будет шквал жищьников на планете... это просто ужас...
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