Can Bitcoin be trusted?

2 years ago

Many have heard the phrase that the crypt excludes intermediaries and trust.

Let's give an example: when we send money to someone through a banking application, we need to trust a third party that processes transactions. And the crypt was created so that people could send money without intermediaries, that is, directly.

Cryptocurrencies don't really eliminate trust. It's just that we don't trust a specific person (bank or payment system), but all the people who support the blockchain: miners, stake holders, developers, validators, and so on.

In decentralized cryptocurrencies, power and trust are distributed among all network participants who share common values and have equal rights.

So technically, blockchain is also an intermediary between people.

We trust everything in the aggregate, including cryptography and the consensus mechanism.

Bitcoin, for example, is supported by miners who perform complex computational work and get rewarded for it. Their main motivation is profit.

They earn money from this and it makes no sense for them to harm the blockchain, because by such actions they will only harm themselves and their "wallet".

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