Bitcoin mining - Deepstash
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Bitcoin mining

Bitcoin mining

To ensure that every block of transactions on the chain is verified, a subset of Bitcoin's network tries to solve the complex puzzle. The first one to succeed is rewarded with Bitcoins of their own. The network then adds the new block on the chain. 

This process is known as mining. The Bitcoin protocol states that mining will continue until there are 21 million Bitcoins in existence. That will happen around 2140.

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Cryptocurrency definition

Cryptocurrency definition

Cryptocurrency is digital money that is used to buy and sell online.

  • It's not based on an asset like gold.
  • It doesn't go through traditional institutions like banks.

It is an entirely decentralised system that use...

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Example of using a cryptocurrency

Say you want to buy a bike from a friend using, for example, Bitcoin. 

  • You will log into your Bitcoin wallet with a private key.
  • Instead of a bank recording the money that is subtracted from one side and added to another, your transaction is shared wit...

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elizabetlo

Health promotion specialist

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The structure of bitcoin

  • Bitcoin is a peer-to-peer money network. You don't have to pay a fee to a bank when you send money to another party.
  • Bitcoin is finite. There can only be 21 million bitcoin in the world. More than 17 million have already been mined while the rest w...

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