Why don’t people trust Bitcoin? Why should you wait to buy? When talking about crypto currencies, we often hear such words as “mining” or “hash” that leave most people scratching their heads. So we decided to see which aspects present a roadblock for cryptocurrencies on their path into the mainstream.
Mining
If a neophyte happens to ask a question like “what is Bitcoin?” - they are often presented with an explanation involving so-called miners and how these coins are created. But just how important is the money-creation process to the user?
Most likely, many automobile drivers who get behind the wheel each day have some abstract idea of how the car engine works. I suggest we don’t associate “mining” with gold mining since it’s hard to put the process of laboriously swinging a pick-axe in the same lane as some “complex computation process,” which is essentially done by a computer, while a miner only configures and monitors this process.
Calling it “some type of computation process” is a pretty good way to describe the mining process. In all honesty, this process really does require knowledge and energy resources and, in present day, this is certainly not “easy money” that can be made out of thin air. But for the average user, fully grasping the Bitcoin mining process is not necessary.
