Teaching Bitcoin Part 3: How Bitcoin’s Supply Is Fixed
The Bitcoin Layer
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Understanding Hashing and Its Role in Bitcoin Mining
This chapter explores the concept of hashing and its mathematical foundations, focusing on the creation of the HashCache system by Adam Back to address spam issues. It also examines the challenges of Bitcoin mining, emphasizing the growing difficulty and costs due to heightened network competition.
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In this third episode of our ongoing series with Michael Howell, Nik dives deep into the intricacies of Bitcoin, focusing on its limited supply, mining mechanics, and the integrity of the network. They get into the weeds of individual nodes and the role they play in maintaining network security. They also discuss the impact of government actions, the rise of ETFs, and the role that bitcoin could one day play as a form of collateral in the financial system. Nik also explains the main differences between bitcoin, altcoins, and gold.
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