Top trader Peter Brand announced his support for Satoshi's Bitcoin vision

Peter Brand, one of the veteran traders posted a very interesting video on his X (Twitter) profile.

This video features Jack Mallers, CEO of Strike, who discusses the importance of understanding the concept of Proof-of-Work and the idea of ​​the decentralized P2P network that Satoshi Nakamoto set out to build.

The proof of work as the backbone of the network of Bitcoin was explained in detail by Mallers, where he discussed how it prevents double-spending, equalizes incentives for all network participants, and prevents attacks. In order to verify transactions and add them to the blockchain, this process requires miners to solve complex mathematical problems.

If only we can all understand proof of work… @jackmallers on #bitcoin vs. sh!tcoins at #BTCPrague pic.twitter.com/lhidFUwnFm

— BTC Prague (@BTCPrague) June 15, 2024

 

Mallers also talked about Satoshi Nakamoto's initial idea for the Bitcoin currency. He emphasized that its decentralized architecture minimizes dependence on a central authority while increasing transparency and reducing opportunities for fraud.

Bitcoin stands out among other conventional financial systems because of its decentralization aspect. In the world of cryptocurrencies, these are not just historical anecdotes, but ideas emitted by retailers that actively shape current and upcoming procedures.

Everyone working in this field – from developers to marketers – needs to know these concepts. The video shared by Peter Brand confirms how important such basic concepts can be even today. The fact that Brand himself shares this means that no matter how good you are at playing the market, you still need to have a solid understanding of the idea behind Bitcoin itself.