The Secret History of Cryptocurrency w/ John Brisson, Clay Vandiver & Recluse
The Farm
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The Basics of Cryptocurrency
For a bitcoin in transaction to happen, it has to be mined. If you buy bit coin off of coin base, those have already been mined and their own by the exchange. So think of mining as the layer of trustless transactions in bit coin. And that's what makes it centralized. Because if coin base makes a ten million dollar by it can be mined by a group in america like riot block chain,. It can be mined out of a giant coal plant that powers a bunch of bitcoin mining machines in china. You just know that they're mining it, and thend they're verifying the transaction. But yes, ye, they don't do ann the mining themselves. J
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