The 3 power bases of Bitcoin | #watts #bits #sats | #education #accounting #voting

Video Transcript

Within bitcoin’s ecosystem there is three Core Power bases and I’ll take you through the timeline of how they all used to be the same thing and now they’re sort of separate different roles let me show you Bitcoin miners you can think of as the soldiers of the Bitcoin Network they fight a computational

Battle to be able to put the next block in the chain approximately every 10 minutes who stores all that data that’s the nodes you can think of them as the accountants of the network they store all of the transaction data otherwise known as Bitcoin and there’s obviously

The wallets if you hold a lot of Bitcoin you have a monetary power and all three at the beginning of bitcoin’s History were all one in the same role and if there is ever a disagreement within the Bitcoin chain these three groups vote with their voting power economic power

And computational power to choose which chain they think is the true Bitcoin it’s all willing participants