New to the space, currently just trying to actually understand what Bitcoin is before having any real though on it
Is Bitcoin is simply the reward one gets for mining a new block, I.e. validating a new transaction/batch of transactions, then it’s value comes from an inherent belief in the power/value/importance of the technology of the blockchain (whether it’s one’s money or mouth that implies this belief)?
What exactly is the blockchain referring to in this situation? Can this almost be taken literally in a sense in that it is referring to the “ultimate” records of transactions, I.e. the blocks?
If the above things are true, how exactly is it that crypto exists/works? (Yeah yeah I know lol BTC != crypto) what makes one blockchain, or record of transactions, more reputable than another? Could that question be answered simply by interpreting the value of a crypto “coin” or “token” as a fiscal representation of reputability of the transaction records on that specific chain?
Would that be better interpreted as a representation of public belief in that chain’s ability to become more resistant to a 51% attack than BTC?
If so, is the financial infeasibility of a 51% attack on the blockchain the sole thing that makes it’s records of transaction so valid? Wouldn’t that mean a graph of the effectiveness each blockchain would be identical and following the base shape of y=lnx in a pragmatic sense?
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