Bitcoin’s Proof Of Work Is Well Worth Its Fees

Bitcoin’s Proof Of Work Is Well Worth Its Fees

While centralized exchanges might think they want to promote proof-of-stake blockchain projects, they misunderstand the value of Bitcoin’s proof-of-work model.Recently, in an apparent response to a largely-flawed critique of stablecoins from the Open Markets Institute, cryptocurrency exchange FTX clarified its position on transaction fees for withdrawals. Its blog post was striking in that it appeared to associate proof-of-work (PoW) blockchains with high fees (which users are partly responsible for upon withdrawal) and proof-of-stake (PoS) blockchains with low fees. The conclusion: FTX....


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Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 8, Part 2, Proof-Of-Work)

To understand Bitcoin, people need to understand Proof-Of-Work. It might be the most crucial aspect of the network. Proof-Of-Work provides security, resolves the issuance problem, and guarantees “a ledger of ownership and transactions that is beyond dispute.” And that’s just the beginning. How does Proof-Of-Work accomplish all that? That’s what this section is all about. […]