diff --git a/ch01.asciidoc b/ch01.asciidoc index 1bcc4821..7abdbb35 100644 --- a/ch01.asciidoc +++ b/ch01.asciidoc @@ -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.