3 Easy Ways To Make BIT COIN ,The bit coin cryptocurrency is based on block chain technology. The block chain technology generates this trusted consensus with the help of a distributed ledger. The distributed ledger in laymen terms is a certificate kind of thing which is shared with each and every one in the network. If some one tries to change the information present in the ledger by changing information present in the distributed ledger that he have, then other people in the network will detect the change because the information is present with them too.

3 Easy Ways To Make BIT COIN ,The trusted consensus is generated based on majority and minority basis. If majority of people agreed to a certain transaction in the network then that transaction will be valid. So to hack the bit coin the hacker must change the information in 51% of ledgers present in the world. This is highly impossible to do and due to this difficulty the bit coin is highly secure.

3 Easy Ways To Make BIT COIN

The transaction between two people is FOREX BROCKER, validated by a mediator called miner. To add a transaction in a ledger and distribute, it takes lot of computation power. Normal processors that ran on our PCs won’t be sufficient for mining bitcoins. For the purpose of bitcoin mining some special purpose processors are sold like ASIC processors. So the miner have to spend good amount of money to mine bit coins.

Now the benefit for spending’s made by miner is, he will be given incentives in the form of bitcoins for every bitcoin he mine. In simple terms bit coins will generate from thin air into miners account when he mines a bitcoin. At present totally 16 million bitcoins are mined and maximum bit coins that can be mined are 21 million. Experts predicted that by the year 2140 the last bit coin will be mined.

Updated: April 11, 2019 — 9:48 am

Leave a Reply

Your email address will not be published. Required fields are marked *