What is Bitcoin Mining, And How Does It Work Full Explain ?

 What is bitcoin?

 🔹 Bitcoin is just a currency / money like the currency of your own country.  It is not cash, but rather virtual currency that can be viewed / transferred online.  This is generally referred to as cryptocurrency which was created in 2009. Markets called "bitcoin exchanges" allow people to buy or sell bitcoins using different currencies.  Now there are many wallets offering trading services.

 ✳ Creation

 🔹 Bitcoin is a new currency created in 2009 by an unknown person using the alias Satoshi Nakamoto.

 🔹 Transactions are carried out without an intermediary - that is, without a bank!  Bitcoin can be used to book hotels, buy furniture, buy Xbox games, and anywhere it is accepted.  But a lot of the hype is about getting rich by the trader.  The price of bitcoin rose to thousands ($) in November 2013. And for your information, the price of bitcoin today is + $ 30,000 .🤩

 ✳ Why Bitcoin?

 🔹 Bitcoins can be used to buy goods anonymously.  Moreover, international payments are easy and cheap as bitcoin is not tied to any country or subject to regulation.  Small businesses may like them because there are no credit card fees.  Some people just buy bitcoin as an investment, in the hope that their value will increase.

 ✳ Buy bitcoins

 🔹 Many markets allow people to buy or sell bitcoin using different currencies.  Coinbase is a leading exchange, along with Bitstamp and Bitfinex.  But security can be an issue: Bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016. So choose the best by researching online.

 ✳ Bitcoin wallet

 🔹 Bitcoins are stored in a “digital wallet”, which exists either in the cloud or on a user's computer.  The wallet is a kind of virtual bank account that allows users to send or receive bitcoin, pay for goods, or save their money.

 ✳ Transfers

 🔹 People can send bitcoin to each other using mobile apps or their computers through wallets.  It is like sending money digitally.

 ✳ Mining bitcoins

 🔹 People compete to 'mine' bitcoin using computers to solve complex math puzzles.  This is how bitcoins are created.  Currently, a winner is rewarded with 12.5 bitcoins approximately every 10 minutes.

 ✳ The anonymity of bitcoin

 🔹 Although every Bitcoin transaction is recorded in a public log, the names of buyers and sellers are never revealed - only their wallet IDs.  While this keeps Bitcoin users' transactions private, it also allows them to buy or sell anything without easily tracing it back to them.  This is why it has become the currency of choice for people who buy drugs and other illegal activities online.