Bitcoin Mining and Security, Part 1

Now the main concern is to ensure that our files are secure and that no one can change that file and claim that their address has more cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) than they actually have.

Here “mining” comes into force as one solution.

Basically, we have a network that sends a file of tens of thousands of “rubber stamps” that can verify the authenticity of the transaction and thus check that everything is original and validate the transfer. As a result, the sender can spend their Bitcoin and you will eventually be able to receive it without worry.

Now, here begins human nature, we need to compensate people (or miners) for their time and effort to verify all these transactions (there is also the cost of energy to consider) After all, why not divide among us, and this leads us to “bitcoin miners “.

Did you see my comment above, “After all why not share among us all,” welcome to the 21st century and the world of cryptocurrencies! After all, we kick out intermediaries (bankers and ultimately the government) so that “miners” get bitcoin compensation through blockchain to make sure all transactions are genuine, so there is no intermediary manipulating currency between transactions, how is that for an amazing deal?

So, now you have a decentralized currency (without government manipulation or interference and that is what is important) that is monitored by thousands of miners, who receive a small fee, but check the validity and fairness of all these transactions.

It is money for the 21st century and beyond.

Transactions are now covered, but where do I store my Bitcoins?

Here comes the wallet.

Simply put, you have a unique bitcoin code, this code can be used to send bitcoin to you, so anyone can see it and it is visible so you can make transactions in a bitcoin environment.

So where do I keep my bitcoins?

In the same place where you keep your money (if you use a wallet) only this is a Bitcoin wallet (cryptocurrency).

All you have to do is set up a unique address where you will store your bitcoins (cryptocurrencies) and you will go to this address to access how many bitcoins you currently have. This program is accessed online via email and password.

OK, that’s a simple explanation, I need to go into more detail which I will address in the next article.