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CH01::Mining: Clarify that miners add security to transactions

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Previous text said they "verify" transactions, but that's not always the
case (e.g. validationless mining) and it may give readers the impression
that the entities primarily responsible for verifying transactions are
miners---when it's actually users who are ultimately responsible for
verifying the transactions they care about.
This commit is contained in:
David A. Harding 2023-02-03 07:55:00 -10:00
parent bc703ce9ce
commit b2626aeb39
1 changed files with 7 additions and 6 deletions
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ch01.asciidoc
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@ -31,15 +31,16 @@ prerequisite to spending bitcoin, putting the control entirely in the
hands of each user.
Bitcoin is a distributed, peer-to-peer system. As such, there is no
"central" server or point of control. Bitcoins, i.e. units of bitcoin,
"central" server or point of control. Units of bitcoin
are created through a process called "mining," which involves competing
to find solutions to a mathematical problem while processing Bitcoin
to find solutions to a mathematical problem that references a list of recent Bitcoin
transactions. Any participant in the Bitcoin network (i.e., anyone using
a device running the full Bitcoin protocol stack) may operate as a
miner, using their computer's processing power to verify and record
transactions. Every 10 minutes, on average, a Bitcoin miner can validate
the transactions of the past 10 minutes and is rewarded with brand new
bitcoin. Essentially, Bitcoin mining decentralizes the currency-issuance
miner, using their computer's processing power to help secure
transactions. Every 10 minutes, on average, a Bitcoin miner can add security to
past transactions and is rewarded with both brand new
bitcoin and the fees paid by recent transactions. Essentially, Bitcoin
mining decentralizes the currency-issuance
and clearing functions of a central bank and replaces the need for any
central bank.