What is bitcoin? Is bitcoin mining necessary?

Bitcoin mining is performed by high powered computers that solve complex math problems. It is the processing of transactions in digital currency system where the blocks (recording of current bitcoin transaction) are added to record the past transactions. This is known as block chain. This adds transaction records to bitcoin’s public ledger of past transaction. In some countries bitcoin is not treated as currency by Government, instead treated as property.Bitcoin is the hashcash proof of work function. The chief goal of bitcoin mining is to allow bitcoin nodes to reach a secure, temper resistant consensus.

 

  • 0 Benutzer fanden dies hilfreich
War diese Antwort hilfreich?

Verwandte Artikel

How do miners for bitcoin work? Is bitcoin mining difficult?

The bitcoin miners have to secure the network and process every transaction. They can attain this...