MEDIUM OF EXCHANGE - PEER TO PEER - BITCOIN NETWORK - PROOF OF WORK -

ali.wood (49)in #cryptocurrency • 6 years ago


MEDIUM OF EXCHANGE	participants of a p2p network deal directly with each other through a single mediation point. peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. ^{Source + Source}
PEER TO PEER	fiat currencies are the generally accepted mediums of exchange. their most important and essential function is to provide a measure of value. is an intermediary used in trade to avoid the inconveniences of a pure barter system. ^{Source + Source}
BITCOIN NETWORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{Source + Source}
PROOF OF WORK	this is what processes all bitcoin transactions. the decentralized, peer-to- peer network which maintains the blockchain. ^{Source + Source}


MEDIUM OF EXCHANGE	fiat currencies are the generally accepted mediums of exchange. their most important and essential function is to provide a measure of value. is an intermediary used in trade to avoid the inconveniences of a pure barter system. ^{Source + Source}
PEER TO PEER	participants of a p2p network deal directly with each other through a single mediation point. peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. ^{Source + Source}
BITCOIN NETWORK	this is what processes all bitcoin transactions. the decentralized, peer-to- peer network which maintains the blockchain. ^{Source + Source}
PROOF OF WORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{Source + Source}

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