BITCOIN BASICS: Bitcoin Miners and their Role in Bitcoin’s Future

Contributed by Steve Ingram

This paper covers some basics of Bitcoin and some of the issues and concerns that many raise about the role Bitcoin miners will play in the future of Bitcoin. Since the inception of Bitcoin in 2009, acceptance of the protocol has grown but there are many questions that must be answered. After doing research on this topic, I have a better understanding of the Bitcoin protocol, but, I still have doubts that it will be universally excepted in the future. Bitcoin mining could be a major factor in its success. This paper is not meant to promote or criticize Bitcoin, but challenge the reader on the concept of Bitcoin mining as a viable solution for validating bitcoin transactions into the ledger system. These questions must be addressed if Bitcoin is to survive in the 21st century.

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