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Banks have less transparency and therefore less accountability with how they manage funds. Another thing to note is that the miners are not the only decentraliz
by derangedHorse 5y ago
Banks have less transparency and therefore less accountability with how they manage funds. Another thing to note is that the miners are not the only decentralized aspect of Bitcoin, the nodes are. Nodes can be run from any computer with an external terabyte HD for the ledger and it takes a trivial amount of electricity to participate. Additionally, there’s no restrictions on running one and the ledger can be requested by anyone who wants to see it. The history of the ledger (a commonly ignored aspect) is also secured by all the work that has already gone into the chain which would make it infeasible for a majority of miners to rewrite significant portions of the chains history (51% attacks are mostly concerned with the future integrity of a chain).