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    About BitCoin

    Everything That You Need to Know About Bitcoin

     

    When people realized that paper money would one day become an outdated form of payment, they looked towards a newer, more innovative form of currency, and thus, cryptocurrency was born. A cryptocurrency is a digital form of money that people can use to trade services or goods. A variety of companies have created their digital currencies, often known as tokens which a person can use as a digital form of payment.


    Currently, the most famous cryptocurrency is Bitcoin; it is also the first digital currency created and mined by millions of people. Bitcoin was invented by an anonymous cryptographer know by the alias Satoshi Nakamoto. Bitcoin was created in 2008 with promises of becoming a universal electronic currency to be used globally.



    A network of payments


    Bitcoin's underlying software entails a digital ledger containing transactions on its network. The algorithm is programmed to create scarcity in mining bitcoins which, in turn, increases the value of bitcoin. By successfully solving complex mathematical equations, it triggers the generation of Bitcoins. This process is what is called mining, whereby bitcoin miners are rewarded with a digital token.



    What is bitcoin mining?


    This is the activity whereby people use their computers to partake in the Bitcoin blockchain network serving as transaction processors and validators. Miners have to prove their involvement in the blockchain using a system known as proof of work to earn a reward.


    Mining bitcoin requires electronic energy to solve mathematical equations to complete existing blocks and form a blockchain. The necessary digital power is almost equal to the physical effort applied when mining minerals. That is why it was called mining!



    How to mine bitcoin


    First, mining from home is not a feasible enterprise. This means big players with enough capital and equipment are more likely to benefit. However, other mining options can issue a passive if not a whole month's income. Profitability depends on the value of BTC coins, mining equipment, and electricity costs.


    Mining bitcoins requires some very powerful computers like HUI YOU Professional Bitcoin Miner. Unlike before, mining bitcoin on an individual home computer simply does not work anymore. The processing power required to solve mathematical equations is too heavy for ordinary home computers. However, there are some other cryptocurrencies people can try that support a home PC's processing power.


    To mine bitcoins, a GPU (Graphics Processing Unit ) or (Application-specific integrated circuit ) ASIC is essential to enable the set up of a mining rig.

    How it works

    Bitcoin has a decentralized system; anyone can participate in it, but no one can own it. Blockchain is the underlying software that bitcoin runs and works on to create a successful chain of finished and approved transactions. In other words, it is a digital ledger of duplicated transactions scattered across computers( or nodes) on the bitcoin network. Nodes contain the whole or partial history of transactions conducted on the web.


    Nodes are responsible for accepting or denying transactions by conducting a series of checks to ascertain that proper validation parameters are observed. If the transaction is valid, it will be accepted and appended to the blockchain, after which it is spread across other nodes. A blockchain is an anonymous account of transactions, available for anyone to see, but the transacting parties remain anonymous.


    When more computers join the blockchain, the security and stability of its network increases. Anyone with a laptop that fits the required capabilities can partake in the blockchain, but not everyone is a miner. Bitcoin possesses the qualities that make it more than just a coin; it is also a network of payments and a store of value.


    Release Time: 2008-10-31

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