himeed49

himeed49

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Posted by himeed49 on in Bitcoin & The Blockchain

Bitcoin mining is a term used to describe the process of adding information to the Bitcoin ledger. Sets of information for a particular time period, known as blocks are verified using a mathematical formula.

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Posted by himeed49 on in Bitcoin & The Blockchain

Since the introduction of currency as means of trade thousands of years ago, one principle remains the same. Any traditional form of currency is based on a promise. When central banks came into existence in 1600's the promise by the bank was to hold a predetermined amount of gold or silver for every coin or banknote issued.

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Bitcoin is widely accepted as being the first cryptocurency or virtual currency. The concept was first conceived by an unidentified group of programmers known as Satoshi Nakamoto in 2008. In 2009 it was made available as open source software.

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