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how do you mine bitcoin

how do you mine bitcoin

Bitcoin is a type of cryptocurrency. There are a lot of mineable cryptocurrencies, but bitcoin is the most popular at this point because it is faster, and more efficient than others despite having less coins distributed than other, more popular ones. If you ever wish to learn how to become a profitable miner, I recommend going here: https:\/\/www.getmining.org\/
There are is no mining method that guarantees huge profits so the profit will depend on where you choose to mine and the price of your chosen mining currency. Remember that mining costs money so if you want to be profitable it needs to make money for you otherwise you won’t earn anything from it :).There is an article about how do you mine bitcoin, please watch it together. If you have any questions, remember to reply.

How does Bitcoin work?

Some more real-life explanations on how to do Bitcoin work: here’s what would happen if a hacker-controlled 51% of the nodes and tried to change a block: 1 The hacker will change the data in the block so that the Bitcoin was sent to his/her public key; 2 Because the data in the block has changed, there is a new mathematical problem and the hacker must solve it; 3 The electricity the hacker needs to solve the problem costs more than what the Bitcoin in the block is worth; 4 The hacker can continue and solve the problem, but will lose money in the process.

What is Bitcoin used for?

Instead of converting radio messages, Bitcoin uses cryptography to convert transaction data. That is why Bitcoin is called a cryptocurrency. Knowing that takes you one step closer to understanding how does Bitcoin work. Bitcoin does this using the blockchain. Bitcoin’s creator invented the blockchain technology!

Why was Bitcoin invented?

To understand what is Bitcoin, it’s important to know why it was created. Bitcoin was invented to remove one type of middleman — the banks. If you need to transfer $5000 from your country to your friend in the United Kingdom, the money must go through a bank in your country. They take a fee for processing.

What happens when John pays Amy his money?

When John pays Amy his money, the escrow sends John his money. John and Amy have no control over the escrow, so it is always fair. Fair trade is one of the essentials on understanding how does Bitcoin work. Some sellers on P2P exchanges will ask you for ID, but some sellers won’t.

What happens when Amy asks John for Bitcoin?

When John asks Amy for the Bitcoin, the Bitcoin is sent into the escrow. When John pays Amy his money, the escrow sends John his money. John and Amy have no control over the escrow, so it is always fair. Fair trade is one of the essentials on understanding how does Bitcoin work.

Why is Bitcoin called a blockchain?

Each transaction in the block has a public key written on it. If it is your Bitcoin, it will be your private key that is written on it . Because each block is connected to the block before it, no Bitcoin can be spent twice.

Why can’t I see my Bitcoins if Google is down?

If Google’s servers were down for some reason, you wouldn’t be able to see these images and buttons. This is because the data is stored on a centralized network — it’s in one place. To understand how Bitcoin works, it’s essential to figure out what’s a decentralized network.

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