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by oreo81
3107 days ago
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Bitcoin works on a concept called a block-chain; which is essentially a publicly available ledger of transactions. Since this block-chain is distributed around the world, no central party is in control over the wealth represented by the transactions listed on the block-chain. This wealth is further abstracted to arbitrary units we all bitcoins. Like any artificial representation of wealth(aka currency) it's only as strong as the group of people recognizing it as a representation of value. So by storing labor or wealth inside bitcoin, you're strengthening the network of participants, thus strengthening bitcoin, thus strengthening(or supporting) decentralized currency. |
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