@r2000 23 August 2020

The Bitcoin Game!!! Understand BTC for beginners

Here is another article about bitcoin, which will make you understand bitcoin more and basic terms used in crypto and Blockchain. Hope this article will be helpful for you and, will make you know more about bitcoin. I will explain few terms that you usually heard when you are new into crypto world. Let’s get started. The bitcoin game The cybercurrency’s mining process is designed to produce a secure online ledger of every Bitcoin transaction- even though no one is in charge. The Miners Digital copies of the transactions are passed to miners for verification. The miners are individuals or group running the Bitcoin Software in a worldwide network of independent computer’s. They compete to turn the latest transactions into a block. Roughly every ten minutes, one of them succeed.

The Winning Block Encrypting the transactions creates a hash- a seemingly random sequence of number and letters. The miners try to find a magic number that when encrypted alongside the transactions and the most recent block in the chain creates a hash that starts with a particular number of Zeros. Although this number is very hard to find, once a solution has been found it can be verified easily be the others miners. The first miner to solve the problem is rewarded with bitcoins, and the block is added to the block chain.

The Block Chain The block chain is an online ledger that records every Bitcoin transactions made. A copy of the block chain is held by each miner and it is used as proof of ownership for all bitcoins. Chronological order is very important in the chain. If you have already spent his bitcoins elsewhere it will be recorded in the Blockchain

This is all for today, i will be posting more articles about bitcoin, crypto, blockchain and online earning.