![]() ![]() Likewise, to use international money transfers, we have to trust the financial institutions involved. ![]() Losing trust in a central bank is disastrous for a nation’s currency. Trust is an essential part of any valuable item or commodity. To solve this problem, known as the Byzantine General’s Problem, Satoshi Nakamoto implemented a Proof of Work consensus mechanism that rewards positive behavior. Getting users to cooperate on any large, decentralized network is always a challenge. Bitcoin’s decentralization is a huge network benefit, but it still needs some safeguarding.
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