what-is-bitcoin-and-bitcoin-mining

What is Bitcoin and Bitcoin Mining ? Processes and methods

Bitcoins are very popular now, but you know “What is bitcoin and bitcoin mining”?

SO, what is bitcoin?

Bitcoin is a cryptocurrency which is first in the world decentralized market and designed by very few people. At starting times, the value of this currency was as low as 1$ but when it bounces back, it is hitting 20000$ whopping high level in trades.

What is BITCOIN MINING?

Bitcoin mining is a method where the transaction of bitcoins recorded and put into blockchain ( Blockchain is a very secure server website which holds all the records of bitcoin in and out but anonymously).

This is very encrypted and very secure process which has many processes as follows:-

#1 ) When a user goes to Blockchain Website

         then after login session, every user data sending over internet traffic will be hidden by DNS resolver.

#2 ) When user makes a transaction and purchase any bitcoin

         then the user becomes anonymous and all the data to that server are gone encrypted.

#3 ) The value of the transaction recorded into blockchain database and the user has been notified.

#4) Miners or programmed methods now do the job of maintaining the server and add remove the bitcoins architecture to maintain the total flow.

#5) Blockchain load the newly assigned/launched bitcoins from miners.

#6 ) When user logouts, all the details have been saved and hence visible records are on blockchain homepage anonymously.

Bitcoins miner responsible and also active whole time.To handle so many transactions, bitcoins database always receives the best value from core user end and blockchain website.

How hard are the puzzles contributed to mining?  Rightly saying it depends on how much the effort is being put into mining across the network.  The difficulty of the mining can be adjusted and is adjusted by the protocol every 2016 blocks, or roughly every 2 weeks.  The difficulty adjusts itself with the aim of keeping the rate of block discovery constant.  Thus if more computational power is employed in mining, then the difficulty will adjust upwards to make mining harder.  And if computational power is taken off of the network, the opposite happens.  The difficulty adjusts downward to make mining easier. Very ago , mining was done with CPUs from normal desktop computers.  Graphics cards, or graphics processing units (GPUs), are more effective at mining than CPUs and as Bitcoin gained popularity, GPUs became dominant.  Eventually, hardware known as an ASIC, which stands for Application-Specific Integrated Circuit, was designed specifically for mining bitcoin.  The first ones were released in 2013 and have been improved upon since, with more efficient designs coming to market.

What precaution can be taken at this level of trading in bitcoin?

Just don’t invest in many bitcoin platforms because what is right and what is wrong is not defined, they may be spying on you pretending to give free bitcoins and then after stealing you.

There is malware attack also possible which can harm your device.

 

Hope you liked this article “what-is-bitcoin-and-bitcoin-mining”

Next article we will be hoping to catch the global news about any malware, it happens then you will find it in TECH TWEAKS SECTION. Don’t forget to rate this content and if any query remain fell free to ask in the comments sections below.

 

 

 

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