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What Is Bitcoin Mining? Get Free Bitcoins! (#34)




Make Sure You Read : What Is Bitcoin? Introduction To A Digital Currency!

What Is Bitcoin Mining In Simple Words? How Do Bitcoins Come Into The Market?

Bitcoin Mining is the way of mining or getting new bitcoins (FOR FREE). & this is also how Bitcoins come into the Market.... New Bitcoins come through the way/process of Bitcoin Mining. As it is the only way to generate or release new Bitcoins into the market.


How Many Bitcoins Are There In Total?

There are 21 Millions Bitcoins & 18 Million of'em have already been mined.



Visit : Bitcoin.org for more info!



Well, you know that today there are millions of people who trust Bitcoin & invest in it. The belief of people is a reason of Bitcoins Success & popularity within itself.

However, it is important for each one of us to understand how does Bitcoin Works & Its Process....

So let us know....


How Bitcoin Mining Works & It's Whole Process?

Bitcoin is a peer to peer transaction making system without including any third party in this process. Now what do I mean by third party, here? Well, normally when we make a transaction, first the Bank check the Account Details & also whether the amount we are sending is available in our Bank Acount or not. So, while sending money; Banks usually keeps some amount of money (as transaction charges). & Banks also keep a track of the transactions being made into &/OR out of our Accounts.

But in Bitcoin it is quite different because; first, the person who makes the transaction have very less transaction charges then Bank's do & it don't really require a third party to analyse such things.


& in fact, the Bitcoin transactions are made by other people by their Computer.... & they provide the computing power to make transactions..... BUT Why On Earth Will Someone Give Their Computing Power For Letting Others Make Transactions Out Of It?

So, that's because, after each successful transaction made the person who provides the Computing Power for that transaction will get Bitcoins (OR SOME BITCOIN in decimal) FOR FREE in return.

& THIS WHOLE ENTIRE PROCESS IS KNOWN AS *BITCOIN MINING*!



Did You Know That Bitcoin Can't Be Hacked?!

Well that's because, Bitcoin is a very safe & secured Crypto Currency. There's not really a chance to hack it because we literally have to go through all the transactions made & as of today about 18 million Bitcoins have been mined & from that to the very first beginning (if we try to go then it's just kind of very difficult, thing to do). If you visit bitcoin.org then you can literally see the most recent transactions from the very first transaction ever made. But you'll never find out the data of a person like who completed the transaction, who sold the Bitcoin & who bought the Bitcoin.

You know like it's some cool stuff going on!

& that cool stuff have something to do with Block Chain!



So, Now you know that all the transactions of Bitcoin are recorded as of not having any third party but yet to complete such transactions we need computing power & the person providing the Computing Power gets free Bitcoins for every transaction he/she. & this is known as Bitcoin Mining. For completing each transaction one gets transaction fees & free bitcoins as a reward.


& it is the most basic way I could have explained it to y'all.



I've found the concept of not being anybody exposed while making any transactions, the most fascinating. Like— Stuff like Block Chains & you know like.... being able to make a whole DIGITAL CURRENCY is just so Nice within itself! It's like so cool!


What Are Your Views On This?

Do You Even Have Any Views?

OR Is It Just Me?


I'll be excited to know if you have any views, though!


But Anyways,

Thanks For Reading!

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Comments

  1. AnonymousJune 3, 2023 at 1:14 AM

    Pi network is unique with Opportunity

    ReplyDelete
  2. AnonymousJune 3, 2023 at 1:15 AM

    Pi Social Media platform

    ReplyDelete

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