#bitcoinexplained #whatisbitcoin #bitcoinfordummies
Become A Bitcoin Millionaire
Simply put, bitcoin is a digital currency. No bills to print or coins to mint. It’s decentralized — there’s no government, institution (like a bank) or other authority that controls it. Owners are anonymous; instead of using names, tax IDs, or social security numbers, bitcoin connects buyers and sellers through encryption keys. And it isn’t issued from the top down like traditional currency; rather, bitcoin is “mined” by powerful computers connected to the internet.
How does one ‘mine’ bitcoin?
A person (or group, or company) mines bitcoin by doing a combination of advanced math and record-keeping. Here’s how it works. When someone sends a bitcoin to someone else, the network records that transaction, and all of the others made over a certain period of time, in a “block.” Computers running special software — the “miners” — inscribe these transactions in a gigantic digital ledger. These blocks are known, collectively, as the “blockchain” — an eternal, openly accessible record of all the transactions that have ever been made.
Using specialized software and increasingly powerful (and energy-intensive) hardware, miners convert these blocks into sequences of code, known as a “hash.” This is somewhat more dramatic than it sounds; producing a hash requires serious computational power, and thousands of miners compete simultaneously to do it. It’s like thousands of chefs feverishly racing to prepare a new, extremely complicated dish — and only the first one to serve up a perfect version of it ends up getting paid.
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Technical Data & Charts
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