2 ms·
You asked why mining was necessary. I provided an explanation.
by nwh 13y ago
You asked why mining was necessary. I provided an explanation.
- grey-area 13y agoA digital currency requires arbitrary tokens as a medium of exchange. It does not require peer-to-peer creation and verification of tokens. It does not require mining, it does not require pseudo-anonymous transactions and a distributed public ledger of all past transactions. Those are all properties of Bitcoin but not of currencies in general. Bitcoin has some interesting ideas, but it's hardly the only type of digital currency which can exist and mining is a concept particular to Bitcoin (and spin-offs) - it has the effect of enriching the devs and early adopters and transforming it into an appreciating asset rather than a currency.