Post by examdumps on Jul 18, 2019 18:18:45 GMT
Now, anyone can be a miner. The originators of Bitcoin made the mining tool open source, so it's free to anyone. However, the computers they use run 24 hours a day, seven days a week. The algorithms are extremely complex and the CPU is running full tilt. Many users have specialized computers made specifically for mining cryptocurrency. Both the user and the specialized computer are called miners.
Miners (the human ones) also keep ledgers of transactions and act as auditors, so that a coin isn't duplicated in any way. This keeps the system from being hacked and from running amok. They're paid for this work by receiving new Bitcoin mining every week that they maintain their operation. They keep their cryptocurrency in specialized files on their computers or other personal devices. These files are called wallets.
Let's recap by going through a few of the definitions we've learned:
• Cryptocurrency: electronic currency; also called digital currency.
• Fiat money: any legal tender; government backed, used in banking system.
• Bitcoin: the original and gold standard of crypto currency.
• Altcoin: other cryptocurrencies that are patterned from the same processes as Bitcoin, but with slight variations in their coding.
• Miners: an individual or group of individuals who use their own resources (computers, electricity, space) to mine digital coins.
o Also a specialized computer made specifically for finding new coins through computing series of algorithms.
• Wallet: a small file on your computer where you store your digital money.
Miners (the human ones) also keep ledgers of transactions and act as auditors, so that a coin isn't duplicated in any way. This keeps the system from being hacked and from running amok. They're paid for this work by receiving new Bitcoin mining every week that they maintain their operation. They keep their cryptocurrency in specialized files on their computers or other personal devices. These files are called wallets.
Let's recap by going through a few of the definitions we've learned:
• Cryptocurrency: electronic currency; also called digital currency.
• Fiat money: any legal tender; government backed, used in banking system.
• Bitcoin: the original and gold standard of crypto currency.
• Altcoin: other cryptocurrencies that are patterned from the same processes as Bitcoin, but with slight variations in their coding.
• Miners: an individual or group of individuals who use their own resources (computers, electricity, space) to mine digital coins.
o Also a specialized computer made specifically for finding new coins through computing series of algorithms.
• Wallet: a small file on your computer where you store your digital money.