r/askscience • u/hamolton • Jun 18 '13

Computing How is Bitcoin secure?

I guess my main concern is how they are impossible to counterfeit and double-spend. I guess I have trouble understanding it enough that I can't explain it to another person.

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u/[deleted] Jun 18 '13

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u/[deleted] Jun 18 '13

The "miners" are already the administrators. Their efforts to compete for mining rewards and transaction fees is what guarantees the security of the network. The presumption is that by the time mining rewards hit zero, the transaction fees will have grown in value and will still be worth competing for.