Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Crypto_Somrat on October 17, 2020, 05:08:48 AM
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Mining is, in effect, a process of auditing and verifying Bitcoin transactions to prevent the problem of “double spending”. Double spending is where someone with cryptocurrency tries to spend the same coin twice. With physical currency, you can’t buy a drink in a pub with a £20 note and then pop to the shops to buy some groceries with the same £20 note.
With cryptocurrency, there is a risk that someone with Bitcoin could make a copy of that Bitcoin and send that to a merchant instead of the real thing. In the real world, the cashier looks at a £20 note to ensure it is not fake—and this is what Bitcoin miners are trying to do with cryptocurrency; they are checking to ensure that a transaction has not been made twice.
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lol, of course bitcoin needs miners because if there were no miners then bitcoin would not be possible.
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Miners are also helpers to send Bitcoin.
Without Miners, Bitcoin cannot be sent and there is no doubt that there will be no progress.
Miners are a must in Bitcoin and that was for sure when Satoshi Nakamoto first created Bitcoin. Cmiiw
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Miners are also helpers to send Bitcoin.
Without Miners, Bitcoin cannot be sent and there is no doubt that there will be no progress.
Miners are a must in Bitcoin and that was for sure when Satoshi Nakamoto first created Bitcoin. Cmiiw
Right, miners are the helpers of the sender and receiver of Bitcoin in a transaction. Without miner, we can't transfer bitcoin to others wallet. Miners verify the block, after verifying few blocks, transaction arrives at the wallet safely but we have to pay fees for that miners.
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Miners for Bitcoin are taking a very important seat in the whole algorithm and ecosystem of the coin and since they are playing a very pivotal role they are given rewards...making Bitcoin mining really a very profitable endeavor and has now become like a big business in itself spewing many players especially those involved in the manufacture and marketing of mining equipments as mining is not any more possible with low-tech gadgets. The only I have with Bitcoin is the energy needed for its mining, and I am really hoping that something can be done on this aspect lowering the energy expenditure.
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Bitcoin mining is required for the bitcoin exchange circulation. Bitcoin mining besides doubling security also supports the bitcoin ecosystem, And a way to release new cryptocurrencies into circulation is one of the goals of mining.
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of course bitcoin requires miners because without miners bitcoin would not be found.