Bitcoin And The Blockchain | Bitcoin Digital Money

Bitcoin And The Blockchain, Mining Bitcoin

In 2008, a solution to the double-spending problem was proposed by a person (or a group of people) using the pseudonym Satoshi Nakamoto. Satoshi’s idea was to record the history of every digital coin and put this history in a ledger that would be accessible to everyone. By making these accounting records publicly available to all, every participant would be able to check that coins were not being spent twice. This new digital money was called Bitcoin. In Bitcoin, participants are not required to act honestly, but they are incentivized to do so. The transactions or the payments, are bundled together into blocks. The public ledger later became known as the blockchain, the chain of blocks.

The bitcoin miners are the participants who check against double-spending and add new blocks of transactions to the ledger. Bitcoin miners are rewarded for their efforts: with each block added, a reward (in bitcoins) goes to the miner who “found” it. To decide who gets to add the latest transactions, Bitcoin puts the miners in competition with each other. They spend computing time trying to solve a mathematical puzzle called proof of work. The miner who finds a solution first gets to add their block to the ledger and receives the reward. Then everyone starts working on the next block of transactions, and so on. To discourage tampering, blocks of transactions are timestamped and linked to one another using mathematical properties. Anyone attempting to modify the data of any block will be forced to redo the proof of pork for all the blocks that have been added since. Since solving proof-of-work puzzles takes time and consumes energy, it may be more profitable to be honest: the energy spent tampering with transactions is more advantageously spent keeping the blockchain secure and getting paid for it!

Bitcoin And The Blockchain | Bitcoin Digital Money

Bitcoin And The Blockchain, mining bitcoin explained

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