The charismatic cryptocurrency and the numerous thoughts that crop up in the minds of the onlookers often surround few obvious questions - how does it come into being and what about its circulation? The answer, however, is straightforward. Bitcoins have to be mined, in order to make the cryptocurrency exist in the Bitcoin market. The mysterious creator of Bitcoin, Satoshi Nakamoto, envisioned a technique to exchange the valuable cryptocurrencies online, by doing away with the necessity for any centralized institution. For Bitcoins, there's an alternative way to hold the necessary records of the transaction history of the entire circulation, and all this is managed via a decentralized manner.
The ledger that facilitates the process is known as the "blockchain". The essence of this ledger might require tons of newsprint for appearing regularly at all popular Bitcoin news. Blockchain expands every minute, existing on the machines involved in the huge Bitcoin network. People may question the validity, even authenticity, of these transactions and their recordings into Blockchain. This too is however justified, through the process of Bitcoin mining. Mining enables creation of new Bitcoin and compiling transactions to the ledger. Mining essentially entails solving of complex mathematical calculations, and the miners employ immense computing power to solve it. The individual or 'pool' that solves the puzzle, places the subsequent block and wins a reward too. And, how mining can avoid double-spending? Almost every 10 minutes, outstanding transactions are mined into a block. So, any inconsistency or illegitimacy is completely ruled out.
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