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It is not a coincidence that gold mining was chosen as the analogy for new coins. The emission of new bit coins following the "mining" of new blocks is like th
by shuntress 6y ago
It is not a coincidence that gold mining was chosen as the analogy for new coins.
The emission of new bit coins following the "mining" of new blocks is like the minting of new gold coins following the mining of raw gold.
Because bitcoins are like gold coins.
I agree that neither gold nor bitcoin are suitable for commerce. But the narrative around and apparent intent behind bitcoin from in the beginning was "It is digital currency. It works like gold".