This in an excerpt from this book
Bitcoin is entirely a new idea and it seems to be here to stay. It is not like any other thing that the world had seen in a very long time. In bitcoin, you will have access to one of the most inexpensive and fastest means of money transfer across international barriers. Via bitcoin, revolution has been birthed in commerce and modern day concept of money.
The entire idea of bitcoin came to the fore in 2009 when Satoshi Nakamoto published a paper and also made bitcoin available as a free software project. The purpose of this work was to deliver bitcoin to the world as a new and better means of money transfer. He designed it as a system of online value transfer that is in support of a highly prospective internet currency.
For bitcoin to be a successful project, it requires a combination of network and software technologies. You can spend and also manage bitcoin simultaneously via a program referred to as Bitcoin client. The program in discuss helps to maintain a rather long ledger referred to as blockchain and this blockchain is responsible for holding all the transactions that are confirmed by the Bitcoin network.
The bitcoin network is made up of several thousands of effective machines that are acting as platform for the bitcoin software. This network is expected to accomplish two main tasks; the first task involves the relaying of all your transaction information, while the second task involves verification of all the transactions and it ensures that you cannot spend the same bitcoin more than once.
The first task is very easy to accomplish by the bitcoin network; this is due to the fact that peer-to-peer network operation comes to play in the system of running the bitcoin network. Because it can operate on several nodes across the globe, the bitcoin network sees to it that it operates for any length of time it takes to provide any useful service.
On the other hand, the second main task performed by the bitcoin network is not as easy as the first task described above. To complete this task, there is need for bitcoin key innovation, which involves bitcoin mining; the mining is done by computers that are running several mining software.
In this script, you will get to learn about the purpose of bitcoin mining. Furthermore, you will learn about the various software and hardware that are involved in bitcoin mining. We will also make a mention of optimization techniques to make your mining process run more effectively. It is also very important to consider important safety issues regarding your mining and storing of bitcoin.
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