Yasar was recently in his home country of Turkey, which took steps to try to ban Bitcoin before reversing course.
Yasar explained how the puzzles generated by the bitcoin software are extremely difficult to solve, using lots of computing power pooled together.
Once a mining computer solves the cryptographic puzzle, it’s easy for the Bitcoin network to verify the answer and approve that block of transactions to be added to the shared ledger.
How can a puzzle be extremely difficult to solve but extremely easy to verify the answer? Think of the cryptographic puzzle as trying to find the code of a lock.
And the pseudonymous programmer, Satoshi Nakamoto, who invented Bitcoin, wanted to ensure the supply can be capped to prevent inflation.
Critics of Bitcoin say it’s a massive, speculation-driven bubble, one that could never overtake or substitute fiat, also known as government money.
“My understanding is they’re consuming about three-tenths of a percent of all electricity produced in the entire world,” Harris said.
Yasar added that he supports green energy sources for mining, which are actually more profitable for the miners.
But more importantly, Yasar feels Bitcoin presents the opportunity for a more sustainable financial network.