In our series on Incentives and Cryptocurrency, we have to start with Bitcoin, and the mining incentives.
Bitcoin was the first cryptocurrency, and started the revolutionary block rewards in return for Proof-of-Work consensus. Bitcoin Miners were rewarded for helping to secure the network, and keep the transactions flowing.
The revolutionary part of it was in rewarding the Bitcoin miners with more Bitcoin, and the trust they had to have that the Bitcoin would eventually have value.
This incentive is important to understand, because the success of Bitcoin allowed developers to create similar incentives - rewarding in Cryptocurrency.
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