Bitcoin Mining and Security, Part 1

The main concern now is to make sure that our files are secure and that no one can modify said file and claim that they have more Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) in their address than they actually do.

This is where “mining” comes into play as a solution.

Basically, we have a network that sends the file to tens of thousands of “rubber stamps” that sign off on the authenticity of the transaction, verify that everything is authentic, and approve the transfer. As a result, the sender can spend their Bitcoin and eventually you can receive it without worry.

Now, this is where human nature kicks in, we have to compensate people (or miners) for the time and effort to verify all these transactions (and also factor in the energy costs) After all, why not share with all of us, which leads us to “Bitcoin miners”.

Did you see my comment above, “After all why not share between us all”, welcome to the 21st century and the world of cryptocurrencies! After all, we cut out the middle man (bankers and ultimately the government), so “miners” get compensated in bitcoins via the blockchain to make sure all transactions are authentic, so there’s no middle man manipulating the currency between them. transaction, how’s that for an amazing deal?

So now you have a decentralized currency (no government manipulation or interference, and that’s what matters) monitored by thousands of miners, who admittedly charge a small fee, but verify the validity and integrity of all these transactions.

This is money for the 21st century and beyond.

Now transactions are covered, but where do I store Bitcoins?

This is where the wallet comes in.

Simply put, you have a unique bitcoin code that can be used to send you bitcoins, so it can be seen by anyone and visible for you to transact in the bitcoin environment.

So where can I store my bitcoins?

This Bitcoin (cryptocurrency) wallet is where you store your money (if you use a wallet).

All you do is set up a unique address where you will store your bitcoins (cryptocurrency) and you will go to this address to get the number of bitcoins you currently hold. This program can be accessed online with email and password.

OK, that’s a simple explanation, I’ll go into more detail in the next article.