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What is Bitcoin and Bitcoin Mining?
However, we are much interested in the second reason.
Bitcoin touched a lifetime high of $2400 last week and will soon be touching $2500.
Through this article, we explain what is Bitcoin and how it is produced (mined)!
New Age Currency- Bitcoin Cryptocurrency
Bitcoin is a virtual currency of the Internet also called cryptocurrency.
A person known only by the name of Satoshi Nakamoto introduced the world toBitcoin back in 2009.
Bitcoins in simple terms are virtual coins that are transferred over the internet.
Bitcoin is a digital currency that isnt regulated by anybody leave alone any central bank.
Bitcoins are basically electricity, converted into a long string of code that has monetary value.
One way to get bitcoins is to buy one through many of the online Bitcoin exchanges.
Bitcoins are mathematically generated as computers in this connection carry out complex number-crunching tasks a procedure termed bitcoin mining.
Bitcoin mining is a serious business with many tech companies manufacturing special computers called ASIC computers.
These ASIC computers cost lots of moolah and are capable of doing the painstaking calculations for bitcoin mining.
This system is secured by a concept called blockchain.
Workers or miners are paid freshly created bitcoins for verifying Bitcoin transactions.
The ceiling is said to be around 21 million.
The mining of bitcoins gets tougher and tougher the closer we get to the ceiling.
source: www.techworm.net
