How do cryptocurrencies like bitcoin work - I became rich using this method and now I make over $10,000 monthly.
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Scott Evans
14.01. 2018 23:02  | 

Bitcoin is decentralized network but when we are talking about how Bitcoin work, we can compare its to the centralized monetary institution, but of course it is just a comparison. There are more than one difference and first main differ is that no one is controlling the coins in circulation, no one has control of cryptocurrency and no central authority is verifying transaction. Transaction are being verified by the consensus of the people within the network. Bitcoin was the first cryptocurrency ever, before Bitcoin there was several tries of creating digital currency, but the main problem was how to stop people from thefts and frauds of the cryptocurrency. This problem was solved by blockchain technology.

Blockchain technology is a revolutionary invention, and many people surely know that this technology is thankful to the great popularity of the cryptocurrencies these days. It works through the simple way of recording transactions to the block, when the block is complete another begins which creates a chain, without possibility to alter previous transaction in the first block. If someone want to change this transaction he will need the consensus of the block for all of the transaction until that transaction. Blockchain is having some trouble with the speed of the network.

For the Blockchain is very important to stay decentralized. Many people thinks that Bitcoin is more and more centralized because of the fact that traditional mining, also called mining from home is these days impossible. Let\'s first explain what mining is. Mining Bitcoin is releasing new coins into the circulation in exchange for the miners computational power and hardware which is providing the network. Computational power is important because it is needed for the calculation of the algorithm that is used for the transaction. Still, miners are here because of the profit, so the real question is what is going to happen when the last coin is mined? For the Bitcoin network it is important not to lose any of the power, so there must be another way how to compensate the miners and there are some suggestions about installing a small fee per transaction in order to keep miners and their computational power within the network.

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