What are the components of Bitcoin's blockchain-based business model?

Bitcoin's blockchain-based business model consists of several components. First, there is the decentralized nature of the blockchain, which eliminates the need for intermediaries and enables direct peer-to-peer transactions. Second, the use of cryptography ensures the security and privacy of transactions. Third, the blockchain is immutable and transparent, providing a tamper-proof record of all transactions. Fourth, the system relies on miners who maintain the integrity of the blockchain and are incentivized with newly minted bitcoins for their efforts. Finally, the limited supply of bitcoins creates scarcity and value, which serves as a store of value and medium of exchange. Together, these components form the foundation of Bitcoin's blockchain-based business model.

This mind map was published on 15 May 2023 and has been viewed 111 times.