How legitimate or fundamental is the world’s most popular digital currency? Can we all use it safely? Will it go away soon? Is it legit? These are questions most people will ask themselves. It’s kind of like gold and the mine field is the internet. So we went all out to do a little digging ourselves and found out amazing facts you should know about Bitcoin so you don’t get scammed out! Watch out!

Bitcoin (₿) is a decentralized digital currency, which does not use a central bank or single administrator. Transactions are instead verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by a group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.

New Bitcoins are brought into circulation by the process called mining. Mining is the way by which a network confirms new transactions and is a critical component of the blockchain ledger’s maintenance and development. “Mining” is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
The truth is you must really be tech educated before you start because Cryptocurrency mining is costly, and only sporadically rewarding especially if ignorant you may acquire losses. Nonetheless, mining has a magnetic appeal for many investors who are interested in cryptocurrency because of the fact that miners receive rewards for their work with crypto tokens. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?

The bitcoin reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Because many users all over the world share these responsibilities, Bitcoin is a “decentralized” cryptocurrency, or one that does not rely on any central authority like a central bank or government to oversee its regulation. This is really awesome since anybody can get in. And you may start today!
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