Bitcoin


Bitcoin (BTC)

A mere decade after its introduction into the world of currency and the world economy, Bitcoin has truly developed into a staple. Digital money comprised of an algorithm, Bitcoin is a form of crypto currency. In general, Bitcoin is regarded a one of the most secure crypto currencies because of its staying power and due to its encryption, and its value is generally discussed in terms of its comparison to the dollar. Transactions power the Bitcoin economy, in the process creating more Bitcoin. 

Bitcoin mining, which is also a buzzword that has evolved into everyday speech, is another means of engaging with Bitcoin, aside from buying and selling it for a profit. Bitcoin transactions are recorded and time-stamped as chains of data. Mining is essentially the grunt work of this process, in that the miner hunts down blocks of information within reams of transactions in order to link the time stamps together into a chain, known as a blockchain. Though originally individuals could perform Bitcoin mining alone, now it is more efficiently done in mining groups, through Bitcoin mining companies. The high barrier of entry and great electrical demands of the sheer volume of computing power required make mining prohibitive to most individuals alone.

Make sure to check out the new innovate Bitcoin mining platform, https://bitway.net

Was this helpful?