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December 06, 2013, 01:59:28 AM |
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The "network effect" of having people mine bitcoin was required so that a transactions confirmation network was in place and grew along with the supply of the bitcoin currency, and grew at the same rate that was needed for the amount of transactions that would occur.
Without the need to mine the bitcoin, there would be no people providing for the network transaction confirmation model.
Work needs to be done in order to create value for bitcoin. When a miner invests money in computer hardware, or uses existing computer resources, and electricity, to mine bitcoin they are doing real "work" that gives bitcoin value.
Many did receive free bitcoin in the early phases, and they installed the wallet of course, in order to maintain and receive that coin, and so they in turn could send others coin, and so they could use their coin to purchase things, or trade the coin for things.
A tree starts from a seed. The leaves spread, the leaves die and fall, and give nourishment to new trees that start as seeds and the forest grows, and a tall, strong tree stands in the forest and produces many seeds, and the solar system, and the galaxy, and the many galaxies and the universe and the many universes exist, and they all started from a seed.
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