Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Doesn’t Exist, Or How Satoshi Nakamoto Tells Lies To People
by
UKprod
on 17/06/2021, 20:11:32 UTC
In the blockchain you have Satoshi's statements on nonexistent Bitcoins.

So, what's your point exactly?

My point is that you're missing out the fact that a person has to mine to earn a Bitcoin - a number that signifies the efforts that are put in by the miner to mine the cryptocurrency. The more the one mines bitcoin, the more the one is bound to receive Bitcoin - which acts as a Proof of work. You could consider a Bitcoin as credit to a person for certifying a set of transactions within the blockchain. Once the person earns that credit, the person can then transfer such credit to any other person for a monetary value. So Bitcoin becomes a transferrable credit for having worked on the blockchain.

Just like the "services" of an entertainer are intangible, this "credit for working" is also intangible. Just because something is intangible and you do not perceive value, does not actually make it non-existent and worthless. There are others who will pay for "credit for working".

Further, given that Bitcoin facilitates P2P transfers, it is considered as a currency of the future. Should everyone accept it, your argument of it is just a number wont hold good. Also, you need to consider that Bitcoin is not a fiat, it has value only because of people accepting it because of its features such as immutability. Just because you find Bitcoins to be non-existent, you wont be able to delete someone's bitcoins.