ALL INFORMATION ABOUT BITCOIN (mgsc)
How Bitcoin is formed? What is bitcoin mining? And technical talks related to bitcoin.
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In today's world, bitcoin has made its own identity, but even today there are very few people who actually know that bitcoin is finally what? If seen, the general public is still very far from bitcoin. This situation is somewhat similar, like when Albert Einstein invented "theory of relativity". Wherever Sarah understood that something has grown up, but what, its essence no one knows. Bitcoins are just like that. Yes "These have become very famous in the last few years, but still quite a lot of people know bitcoins about.
What is Bitcoin Mining?
Bitcoin Mining is a process that allows Bitcoin Transactions to be updated in Public Ledger. Just as we go to Banks after every little time and document / print our Transactions in our passbooks, in the same way, you can also view Transactions of Bitcoins online. And that's the same thing called bitcoin mining. In this process, the bitcoins that make interaction with blockchain are made. People who want to participate in this computationally complicated activities are rewarded with bitcoin tokens.
What is Blockchain?
Any information that is affiliated with old Bitcoin Transaction, is called Block. Virtual currency / Ledger of any old bitcoins Transactions in the world of cryptocurrency is called blockchain. In simple words, your passbook, which records the accounts of all your old transactions, will be called bloackchain and every transaction block written on this passbook will be called. If you talk directly, bloackchain is such a process that Transactions are recorded in bitcoin network.
Only those people who have mastered the Software Field, they can do the same thing as the Mining Action i.e. bitcoin Transactions Recording. These are the experts who are mining, they are called Miner in the world of bitcoin. And let me tell you that this work gets a lot of fees, and at the same time, bitcoins made in this process also meet those miners.
Why is Mining done?
Since bitcoin has become very iimportant nowadays, it is very important to give this Bitcoin nodes secure allowance without a fishing or tampering, this is the main motive of Mining. Launching in the bitcoins system with the help of mining. And as I told you, instead of the process of this mining, they also get a new bitcoins subsidy. Nowadays there are many Bitcoin Mining calculators available in the market, with some information from you that tell how many bitcoins will be generated by this action.
Bitcoin Mining promotes bitcoins in a Decentralized manner, besides this also encourages people to pay attention to the system's security. Just like the way we get out of the ground with the help of mining, gold, diamonds, etc. Bitcoin is also mine, it also takes hardwork, and this process also happens very slowly.
But guys, it's not that this is the only way to get bitcoins. If you want bitcoins, you can find them in exchange for any product / service, or in currency exchange or in online games.
Do you know that bitcoins have been designed in such a way that more than 21 million bitcoins can not exist at one time, and that's why the process of bitcoin mining is so complicated and processed only by a specific resource. If this process is not so complicated, then this number will soon go much further than this limit, because around 16 million bitcoins are already in use. The proof of work is used to check the authenticity of any block. This proof of work checks out another Bitcoin node in every transaction. Bitcoin uses a function for this checking process, which is called Hashcash.
What is POW / Proof of work?
Friends, POW or Proof of work ensures that no miner cheat.
Since there is no real world identity connected in the Bitcoin network, miners will need any process to stop themselves from generating new bitcoins. Let's explain it with the help of an example. Understand that you are with some people and you all have to guess the answer to a math problem and nobody goes to the right answer. The one who gives the correct answer first, will get the reward, but the other miners will have to approve this transactional record. If the other miners feel that any miner is dealing fraud, then they can refuse to accept it.
This is the reason why the process of new block creation is energy sensitive so that every new block will have some cost involved. In this way, the miners are prevented by creating a lot of fraud blocks, thinking that they may accept and get reward.
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