Bitcoin seems to have the real guarantee mechanism at the time of distribution, which is an alternative to credit of third party institutions national and financial institutions that guarantee electronic transactions. If you quote from Satoshi Nakamoto paper as it is, the following two mechanisms guarantee it.
As long as a conscientious node controls the majority of CPU power, it is computationally accelerated that an attacker tries to change the open transaction history recorded using Proof of Work. How a P2P network becomes practically infeasible.
Even if a malicious attacker owns the majority of the CPU power, it is more advantageous to excavate a new bitcoin according to the rules than the attacker destroys this system. “
Simply put, it is provided by a transaction guarantee that yamashi mining person does for Bitcoin transactions free of charge this act contributes to Yamashi’s excavation of Bitcoin, so the incentive to implement it is provided.
It seems that Bitcoin’s genuine guarantee is that the longest transaction guarantee chain proof of work is the real thing. According to the rules, many mountain masters do this with a lot of CPU power in order to get bitcoins, so a malicious attacker can surpass this chain of transactions (proof In order to create of work, more CPU power, power that is practically impossible, is required.
What will be the impact of the spread of Bitcoin?
First, there is no doubt that financial transaction costs will fall, especially in the small-payment part (I think this will be especially noticeable in fields where high fees are currently being spent, such as international remittances).
When people store Bitcoin in bittrader and use it for transactions, the bank account for transaction settlements no longer needed, and the way financial services are changed greatly. You think that. Is it the image that transactions with people far away are completed by cash delivery via the net? In the transitional period, the bank account becomes a deposit place for deposits and savings in a specific currency base, and at the time of transaction it becomes a bitcoin wallet If you transfer the funds to exchange, even if you are an overseas trading partner, there is no remittance fee or exchange fee.
Second, he think the biggest function of the idea of money is super-accelerating the exchange, but Bitcoin seems to further enhance this function.
Especially from a big perspective, what happens when a currency that is not controlled by the state becomes the world’s main trading currency? It seems that the point of view is the most important although the hurdle is quite high.
For example, what happens to monetary and fiscal policies when it becomes difficult to reflect the country’s intention on the exchange rate exchangewith other currencies? The monetary policy will disappear in the first place? What is the shape of the credit guarantee mechanism that does not depend on the country? Even if you think about it, there are many questions that have no answer.
Core developers: Bitcoin core developers are, as the name implies, those who develop programs related to Bitcoin. The design document programming code of Bitcoin is open to the public, and anyone can see the code and copy and paste. Bitcoin core developer is currently writing the code. Bitcoin core developers are people who develop every day in order to improve bugs and specifications in the code.
Minor: Miner refers to something that performs mining work. Mining uses computer resources of participants of the Bitcoin network to record/add new transaction information to block of block chain. It is work. Mining is an essential part of running the Bitcoin system. After all, Bitcoin does not have an issuing parent or central administration.
Therefore, in order to perform work such as writing transaction information to the block chain, computer resources provided externally are required. In other words, the server on which the distributed ledger is recorded is provided by the miner.
Bitcoin remittance transactions are processed only after this mining is performed and transaction information is recorded in the block chain. In addition, a new block is generated by this mining, and a new bitcoin is issued as a reward for the mining work.
