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judymcconville@roadrunner.com 2017-04-27 15:28:36 -07:00
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@ -237,7 +237,7 @@ If Bob's bitcoin wallet application is directly connected to Alice's wallet appl
The bitcoin system of trust is based on computation. Transactions are bundled into _blocks_, which require an enormous amount of computation to prove, but only a small amount of computation to verify as proven. The mining process serves two purposes in bitcoin:
* ((("mining and consensus", "overview of", "consensus rules")))Mining nodes validate all transactions by reference to bitcoin's _consensus rules_. Therefore, mining provides security for bitcoin transactions by rejecting invalid or malformed transactions.
* ((("mining and consensus", "overview of", "consensus rules")))((("consensus", "consensus rules")))((("consensus", see="also mining and consensus")))Mining nodes validate all transactions by reference to bitcoin's _consensus rules_. Therefore, mining provides security for bitcoin transactions by rejecting invalid or malformed transactions.
* Mining creates new bitcoin in each block, almost like a central bank printing new money. The amount of bitcoin created per block is limited and diminishes with time, following a fixed issuance schedule.