Basically, I am a newbie and my question maybe sounds silly.
But after learning the basic mechanism of Bitcoin, I can't stop thinking how wasteful the mining electricity power is and, is it an essential part of a cryptocurrency?
For now, all I can understand is that the minging system is designed for 2 purpose: distribute new created BTCs & maintain transactions.
Could there be another way of doing this without so much powerful computing force?
I can't figure it out but I am still hoping there will be someguy finding his muse in the future.
Or maybe mining is the only way and I am just babbling...lol.
Without mining, what is the incentive for ppl to secure the network?
The economical cost of mining is essentially to keep the network secured.
If you just look at Cost and energy consumption, the traditional banking system cost alot more. The Visa central ledger alone cost billions of dollars annually.
Atleast with bitcoin its the machine doing all the work.