Bitcoin Mining and Security, Part 1

An important concern now is to make sure that our files are secure and that no one can change them and that their address has more cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) than they actually have.

This is where “mining” comes into play as a solution.

Basically, we have a network that sends the file to tens of thousands of “rubber stampers” who can sign the authenticity of the transaction, thus verifying that everything is authentic and validating the transfer. As a result, the sender can spend your Bitcoin and eventually you can receive it without any worries.

Now, this is where human nature comes into play, we need to compensate people (or miners) for their time and effort to verify all these transactions (there is also an energy cost to consider) After all, why not share it with everyone? and that brings us to “Bitcoin Miners.”

You’ve seen my previous comment, “After all, why not share it with everyone,” welcome to the 21st century and the world of cryptocurrencies! After all, we are eliminating the average man (bankers and ultimately the government) so the “miners” are compensated with Bitcoins through the blockchain to make sure all transactions are genuine, for so much so that there is no middleman handling the currency between transactions, how is that for an incredible deal?

So now you have a decentralized currency (no manipulation or government interference and that’s the important thing) guarded by thousands of miners, which is true that they receive a small fee, but they are checking the validity and honesty of all these transactions.

This is money for the 21st century and beyond.

Now, transactions are covered, but where do I store my Bitcoins?

This is where the wallet comes in.

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

So where do I keep my bitcoins?

The same place where you store 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 (cryptocurrency) and go to that address to access how many bitcoins you currently have. This program is accessed online with an email and password.

Okay, this is a simple explanation, I need to go into more detail which I will cover in the next article.