Dollars and Sense
Published in

Dollars and Sense

Proof of Work Cryptocurrencies

Photo by Philipp Katzenberger on Unsplash

The meltdown of the global financial systems in 2008–09 prompted “Satoshi Nakomoto” to create a 21st-century version of the old Proof of Work model. A model not based on humans’ favorite yellow metal, gold. Satoshi created digital gold and called it Bitcoin.

Gold has been the Proof of Work model for millennia. A currency backed by gold was only possible if the work was done in the mines to dig it out of the…

--

--

--

Trying to make sense of today’s dollar chaos

Recommended from Medium

Why do people lose money in Crypto? (featuring memes)

Enjinstarter AMA Recap

Interview with Gabriel Rojo — Founder of Emerita Capital

Bitcoin Assumes a Bullish Posture As Millionaire Addresses Refuse to Sell

What are Brain Wallets

Scheduled technical update

Next for Bitcoin’s Price: Ecstasy or Terror

The Ten Major Downside Risks of Investing in Bitcoin

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ATrigueiro

ATrigueiro

Author of Cryptocurrency Investing in the Age of Dollar Chaos: https://www.amazon.com/dp/B09HVGPLRH

More from Medium

Polkadot Big Picture (May 2022)

Why the H3ll Do You HODL Dogecoin?

Why is the Crypto Market Crashing?

BTC and Altcoin News Update — 22 March