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#173 – Nic Carter: Bitcoin Core Values, Layered Scaling, and Blocksize Debates
Lex Fridman Podcast
How Does Bitcoin Work?
In Bitcoin, we trust that the economic incentives of the system are carefully poised. So we trust that free market and mining competition will lead to the miners assembling transactions into blocks in a faithful and correct way. We basically trust our institutions or banking institutions to keep a faithful record and then ultimately we trust the central bank to administer that system. It's sort of something like, I want to say five to 600 million transactions have ever occurred on Bitcoin.
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