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Last active April 9, 2021 14:17
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What is Bitcoin?
Bitcoin is an idea...
Bitcoin is a form of externalizing consensus and distributing it amongst many peers.
The idea can be implemented in various manners, as things are in in most implementations, a Proof of Work mechanism is employed that allows a
trustless, global state of consensus amongst those peers.
Given this and the implemenentation requirements for aware and active participation, incentives are considered for those
participaints in the Proof of Work mechanism. The system and the idea in general depends greatly on aware and active participation
in the consensus mechanism in order to retain its trustless state. The rules currently assume rational honesty from a majority
of the participants. If the majority of participants are not, on their own will, rationally honest as dictated by the rules then the entire system
can be manipulated in various ways. Rational honesty is also required outside the Proof of Work mechanisms.
Given the compute nature and depenance on participation the weighted majority can influence aspects external to the main consensus
mechanism. In all forms and implementations of the idea of Bitcoin is it top priority to ensure participation in all aspects is vastly distributed
and the participants are aware and active.
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