How does bitcoin work? Who actually pays for the mining done?
How can bitcoin work? Who pays for the mining completed? There's just a very small difference between the fiat currencies (currencies backed by nothing) and Bitcoin, it's likewise a fiat money per se but electronic online fiat money, it's appreciated and has a buying power, since the people today feel so, just enjoy every nation's paper monies, individuals think in it and it's a buying power simply because the government says. However, the gap in Bitcoin to this of paper monies is, Bitcoin is very decentralized and unlike newspaper monies there isn't any central bank that prints the money, the benefit Bitcoin have over paper money is that, paper money is an inflationary money, that's there's an inevitable rise in money supply over a time period. The authorities can make our lifelong economies useless overnight. Whereas, Bitcoin is a deflationary money, and the amount of bitcoins will finally flat out in 21 million (clarified under mining). Therefore, we