Social media is a big part of our lives, and the existence of these platforms has bolstered cryptocurrency in a unique way.
What is Bitcoin Mining?
With Bitcoin, mining is done using special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
How does a Bitcoin Works?
Bitcoin is a cryptocurrency that is conducted on a public ledger, the "blockchain." Digitally transferred, it exists only online. Much like gold, it can have monetary value while also being a commodity, but it’s still its own currency. It is also decentralized and not managed by a single entity, but rather a group of people who process transactions, called miners. This means it is not subject to government regulations when traded or spent, and you don't need a bank to use it.
What is Proof of Work?
A proof of work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements.Bitcoin uses the Hashcash proof of work system.