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PostPosted: Mon Sep 11, 2017 6:13 am 
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Joined: Thu Aug 17, 2017 9:49 am
Posts: 13
How does bitcoin mining work?


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PostPosted: Mon Sep 11, 2017 6:19 am 
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Joined: Thu Aug 10, 2017 6:19 am
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Anybody can join the Bitcoin network. No technical expertise is required. Once the users install a Bitcoin wallet on their system or mobile phone, their first Bitcoin address is generated. The address can be used only once and you must keep adding more as and when required. You may share it in your chain so that you can receive and send payments etc.

The aim behind Bitcoin is to create a process to exchange tokens of value online without the involvement of any centralized agencies like banks. The record-keeping is decentralized into a shared public ledger termed block chain. All the confirmed transactions are recorded in the block chain. The ledger holds complete history of all the bitcoin in circulation. The integrity and the chronology are secured with encryption of all the data.

All transfers of value between Bitcoin wallets that have been recorded in the public ledger are classified as transactions. All confidential data are kept in private keys that are used to sign transactions with proof that they have been generated from the owner of the wallet. The signature eliminates the risk of any alterations to the transactions by anybody. The transactions are announced between users and confirmed by the Bitcoin network within 10 minutes through a process called bitcoin mining.


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