What is mining bitcoin for dummies

Commerce what is mining bitcoin for dummies with a passion for cryptocurrencies. It’s hot and everyone wants a part of it.

This article is for those who are yet to understand the cryptocurrency world. By the end of it, you’re going to either love crypto or hate it. They were beautiful, unique, and could not be manufactured. Egypt, wheat was used as a currency. Wheat, being a common and important part of our diet, was valuable, portable and exchangeable.

Today, governments authorize their bills as legit, and because we have faith in our governments and banks, we use their money. Ultimately, the worthless bills are just an idea backed by confidence. Hide the identities of its users. The technology around cryptocurrencies effectively give them the same traits as regular, cold hard cash.

Cryptocurrencies are not made out of thin air. No one knows who Satoshi is, the developer could be a guy, gal, or a group of people. And here’s the kicker: Satoshi disappeared before bitcoin took off. During 2016, the BEP delivered 7. 6 billion notes to the Federal Reserve, that could be 1s, 5s, 10s, 20s, or even 100s totaling lots and lots of money.