All about Bitcoins you need to know
What is Bitcoin?It can be defined as a new kind of money and contemporary network of payment. It has no Central Bank or authority. Its design is public, open source. Everybody can take part in it as nobody ownes or controlles it.
What is Bitcoin Mining?
Miners maintain the database : In short people or businesses who have set up specialized computers to process transactions by contributing their electricity and computer processing power to the network. In exchange. .When a new block is added to the chain, they receive transaction fees or new bitcoins that are released into the network by the protocol. The network rewards them for their work, because miners provide a public service by securing the network.
The users broadcast transactions to the network and for this to work, miners keep a record of those with specialized compute power by racing to complete complex mathematical puzzles, proving that they are working for the Bitcoin network. Each and every new block which is added to the blockchain and those transactions are confirmed and recorded every 10 minutes. Then again the miner’s race for the next block starts.
The value of Blockchains
Before the evolution of blockchains it wasn’t possible to actually own a digital asset. For instance, If anyone send you an mp3 file you only have a copy, while the original remains with them— there are two copies. With the technology of blockchain, now there is a way to prove and accomplish the concept of digital scarcity and track the ownership of digital assets in a decentralized way.
By providing financial services to those who don’t have access, is another compelling way Bitcoin is changing the developing world. There are billions of people without access to financial services or a bank account, but not having access to a smartphone. Because all that is necessary to use Bitcoin is a smartphone with an internet connection, Bitcoin provides financial services to those who need it the most. There is greater value in empowering people to “be their own bank” providing them the means to access, store and transfer value regardless of where they are in the world.