The Peter McCormack Show Bitcoin Tech #5 - Bitcoin Consensus with Shinobi - WBD357
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Jun 7, 2021 Shinobi, host of Block Digest and Bitcoin technical commentator, dives deep into Bitcoin's consensus mechanics. He explains the significance of soft and hard forks, highlighting the Taproot upgrade and its implications for privacy and efficiency. The conversation unveils how nodes validate transactions, the crucial balance between decentralization and speed, and the historical context of chain splits like Bitcoin Cash. Shinobi also discusses the community's role in protocol changes, urging vigilance against centralization pressures in the evolving Bitcoin landscape.
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Consensus Is Rough, Not Democratic
- Consensus for Bitcoin upgrades is not a democracy or majority vote.
- The community uses rough consensus and reasoned criticism to accept changes.
Nodes Enforce The Network
- A Bitcoin node independently verifies blocks and enforces rules to prevent fraud.
- The network exists because many people run compatible nodes and enforce the same rules.
Miners Follow Rules For Payoff
- Miners assemble transactions into blocks and win rewards only if nodes accept those blocks.
- Miners economically follow rules because invalid blocks earn them nothing.