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…

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ATrigueiro

ATrigueiro

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