Bitcoin Mining and Security, Part 1

Now one of the main concerns is to make sure our files are secure and that no one can change that file and make sure they have more Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) than their actual addresses.

That’s where “mining” comes in as the only solution.

Basically, we have a network that sends the file to thousands of “rubber stampers” to sign the authenticity of the transaction, thus verifying that everything is genuine and validating the transfer. As a result, the sender can spend his Bitcoin and ultimately be able to receive it without any worries.

Now that this is the beginning of human nature, we need to compensate people (or miners) for their time and effort in verifying all of these transactions (there is also an energy cost to consider). After all, why not share it with everyone, and this leads us to “Bitcoin Miners”.

Have you seen my comment above, “After all, why not share it with everyone,” welcome to XXI. century and the world of cryptocurrencies! After all, we are cutting the middle man (the bankers and, ultimately, the government). So “miners” are compensated with Bitcoins through the blockchain to ensure that all transactions are genuine, so there is no middle ground between manipulating the currency. transaction, how is it for an amazing deal?

So now you have a decentralized currency (without government manipulation or interference and that’s all that matters) that thousands of miners care about, and arguably receive a small fee, but they’re verifying the validity and honesty of all those transactions.

That is the XXI. money for the century and beyond.

Now, transactions are covered, but where do I store my Bitcoin?

That’s where the wallet comes in.

You simply have a unique bitcoin code, this code can be used to send bitcoins so that anyone can see and view it for transactions across the bitcoin environment.

So where do I store my bitcoins?

In the same place where you store your money (if you use a wallet) this is only a Bitcoin (cryptocurrency) wallet.

All you have to do is set up an exclusive address where you can store your bitcoins (cryptocurrencies) and go to this address to access how much bitcoin you currently have. This program is accessed online with email and password.

Okay, this is a simple explanation, I need to go into more detail in the next article.