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Hash – The Puzzle of Bitcoin

Written by: Avishay Yanay October 26, 2016
In the previous post we have explained the ideas behind the Bitcoin system, however, one issue remained unexplained: What is this bloody hard puzzle that the Bitcoin miners constantly try to solve? Recall that in the Bitcoin system the miners are in constant competition: Whoever solves the puzzle first will earn the honor of adding...
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Before you read this article bear in mind that it is written from a computer science rather than economy point of view, therefore, many of the “economic” details might be oversimplified. Bitcoin is a type of a currency, used globally, and can be converted to US dollar, like any other currency we know. What makes...