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Messages - edelynwalker

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Security and technical support / Re: How Bitcoin mining works?
« on: December 29, 2022, 10:06:41 AM »
Bitcoin mining is the process by which new Bitcoin is created and transactions are verified and added to the public blockchain ledger. Mining requires specialized hardware and software that performs mathematical calculations to solve complex puzzles. When a miner finds a solution to the puzzle, they are rewarded with newly minted Bitcoin. As more miners join the network, the difficulty of solving the puzzles increases, leading to an increase in the amount of energy required to solve them. This makes Bitcoin mining an energy-intensive process, but it also ensures that the process is secure and reliable.

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Bitcoin discussion / Re: What is your favorite Satoshi Nakamoto quote?
« on: December 22, 2022, 06:57:03 AM »
My favourite Satoshi Nakamoto quote is "If you don't believe it or don't get it, I don't have the time to try to convince you, sorry." This quote speaks to the power of the blockchain, which has the potential to revolutionize the way we do business and live our lives. It also speaks to the importance of understanding the technology behind it and the necessity of educating oneself on the subject.

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Security and technical support / Re: How Bitcoin mining works?
« on: December 16, 2022, 01:29:50 PM »
Bitcoin mining is the process of verifying and recording Bitcoin transactions to the blockchain, which is the public ledger for all Bitcoin transactions. When a user sends a transaction, it is broadcast to the network, and nodes called miners will verify the transaction and record it to the blockchain. To incentivize the miners to process transactions, they are rewarded with newly generated Bitcoins. This process is called mining and requires significant computational power.

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Bitcoin discussion / Re: What is Bitcoin?
« on: December 09, 2022, 09:46:53 AM »
Bitcoin is a digital currency that is created and held electronically. It is the first decentralized digital currency, as the system works without a single administrator or central bank. Bitcoin is based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

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Security and technical support / Re: How Bitcoin mining works?
« on: December 02, 2022, 01:23:55 PM »
Bitcoin mining is the process of verifying and adding transaction records to the public ledger known as the blockchain. Miners use specialized software and hardware to solve complex mathematical algorithms to verify and add transactions to the blockchain. They are rewarded with newly created bitcoins and transaction fees for their work. The more powerful the miner, the more chances they have of successfully mining a block and receiving the reward.

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Bitcoin discussion / Re: What is Bitcoin?
« on: November 20, 2022, 09:06:38 AM »
Bitcoin is a digital asset and payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain. Bitcoin was created as an algorithm of open-source software and released in 2009.

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Bitcoin discussion / Re: Types of Blockchain Technology
« on: November 09, 2022, 08:15:03 AM »
There are three primary types of blockchain technology: public blockchains, private blockchains, and hybrid blockchains. Bitcoin and Ethereum are examples of public blockchain networks. Private blockchains are often used by businesses for internal applications. Hybrid blockchains are a combination of public and private blockchain networks. They offer the benefits of both types of systems.

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Bitcoin discussion / Re: What is Bitcoin?
« on: November 05, 2022, 08:17:41 AM »
Bitcoin is a new kind of digital currency that uses cryptography to secure its transactions and to control the creation of new units. It was created in 2009. It is decentralized, meaning it is not subject to government or financial institution control. They can be exchanged for other currencies, products, and services.

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