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What is Bitcoin and Bitcoin Mining?

What is Bitcoin

Bitcoin is a virtual or digital currency and can be used to purchase online goods that accept bitcoin as a means of payment. This digital cash using a secret algorithm known only to a handful of hackers. This money can be used for transactions through computers or gadgets, such as mobile phones and tablets. Bitcoin money will be stored in the form of a digital wallet, which serves as your online bank account.

What are the advantages of Bitcoin?

  1. In Bitcoin transactions, no credit card numbers that can be collected by the individuals who are not responsible.

  2. With the bitcoin transaction or anonymously without revealing your identity at all. In bitcoin wallet no owner names or any information that can be known by merchants or others. This is very different from conventional online transactions such as bank transfers require the full name and identity support.
  3. Efficient Global Payment Methods. Bitcoin can be transferred from India to Canada within 10 minutes. No bank process, no cost, no freezing of funds, no one will ever ask where the money comes from and what the purpose of the transaction. By using Bitcoin, transcontinental transfer as easy as doing transaction with your next door neighbor.
  4. Security and control of money Bitcoin, is yours. Bitcoin transactions secured by military-level cryptography? Nobody can use your money or make payments on your behalf. Bitcoin can give full control over your money and a strong degree of protection against many types of fraud.
  5. You can make transactions anywhere and anytime in the world using a tablet, phone, or computer. Bitcoin also does not recognize holidays or time off together. Want to any hour, any day of the transaction can be done.

What is Bitcoin Mining

Bitcoin Mining  is the process of adding records to the general transactions. Mining Bitcoin  is intentionally designed to be a resource – intensive and difficult, so the number of blocks which are found every day by the miners remained stable. Individual blocks must contain evidence of work to be considered valid. This is another proof of employment verified by Bitcoin nodes whenever they receive a block. Bitcoin uses evidence- Hashcash work function. The main objective of Bitcoin Mining  is to allow Bitcoin nodes to achieve safe, tamper-resistant consensus.  Mining Bitcoin  is also a mechanism that is used to introduce into the system Bitcoins: Miners paid any transaction costs as well as the “subsidy” of the new coins were made. It serves the purpose of spreading the good new coins in a decentralized way and motivate people to provide security for the system. Bitcoin mining so named because it resembles other commodities mining: requires energy and slowly make available the new currency at a rate that resembles the rate at which commodities such as gold mined from the ground.

 

 

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