06
Aug

Bitcoin’s development or how bitcoins going up

Bitcoin differs from ordinary currencies in that the whole system is “decentralized”, i.e. does not have a single regulator in the person of the government or some administrator, and is completely autonomous. You can simplistically explain the bitcoin system as a set of numbers that is transferred from one computer to another, but information about transfer and storage is simultaneously displayed on all computers participating in the system. That’s why Bitcoin is called a “decentralized” crypto currency.

There is also no agency responsible for issuing crypto currency. And even more: the participants of the system can generate bitcoins on their own using a special script and a video card on the computer. This process of generating a virtual currency was called “mining”, i.e. Virtual money is created directly from the air. However, it is not worthwhile to immediately rush into bitcoin mining: the process requires huge capacities and proceeds very slowly, which is due to the fact that the connection of each individual computer to the mining system makes the process of creating a virtual currency even slower and more difficult. Nevertheless, there are many enthusiasts who create whole factories for the “production” of Bitcoin.

Share this

Leave a Comment