Bitcoin : Bitcoin is NOT a democracy!

Bitcoin : Bitcoin is NOT a democracy!

Read the whitepaper; **”They vote with their CPU power”** and **”Proof-of-work is essentially one-CPU-one-vote”**.

Not every person gets to vote. Not every node gets to vote. ONLY CPUs gets to vote; With their hashpower.

-In the beginning a node meant being a miner.

Satoshi was there in the early days and majority mined Bitcoin while securing the early network for nearly a year while many people disregarded Bitcoin, and was as a result rewarded with a very large amount of Bitcoin.

Similarily, Bitmain have mined, traded and bought Bitcoin Cash out in the open and competetive free markets this year and have been taking flack for that.

I don’t care if Bitmain owned 10 million bitcoin if they gathered them honestly. That just mean that they have outcompeted everyone in a free to enter competition.

Bitcoin is NOT socialist and is NOT democratic.

Bitcoin is not centralised because one company owns a lot of it; It means they are INVESTED.. You would figure that the largest miner also owned the most collateral.

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Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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Author: dementperson

Score: 38

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