I have, for a long time, been deeply cynical about Bitcoin. There are good reasons to be so.
The first is the so-called production process. Not only is it profoundly environmentally undesirable, what really worries me is that no one actually knows who gets the literal accounting credit (or profit) from the process. We know a supposed asset is created. But who by? And at what profit? The unanswerability of that question is, for me, deeply troubling.
The new bitcoin are paid to the miners. Each bitcoin – this is what the ledger is, the blockchain – is a record of every bitcoin ever paid to anyone.