Bitcoin is the first cyptocurrency, as well as the best known. It is a decentralized digital currency that people can buy, sell, exchange directly without an intermediary. Nakamoto described Bitcoin as “an electronic payment system based on cryptographic proof instead of trust.”
Bitcoin is built on a distributed digital record called a blockchain which is decentralized. Everyone can edit the blockchain, and it must verified by the majority of all Bitcoin holders, the codes used to recognize users must conform to the right encryption pattern.
Bitcoin mining is the process of adding new transactions to the blockchain, Mining Bitcoin us proof of work, deploying computers in a race to solve math puzzles that verify transactions.
The value of a single Bitcoin jumped from around $0.0008 (2010) to $55,223 (2021).
Frankenfield, J. (2020, October 1). Bitcoin Mining. Investopedia.
Article is closed for comments.