How does the Blockchain Technology work?
Hey guys, this is CoinGirl and welcome to my new series: Bitcoin for Beginners. In the previous video I explained what Bitcoin is, how it works and what are it’s best features. You may have noticed that I mentioned “Blockchain” a few times. So, for those of you who are new to the crypto world... in today’s video I am going to talk about the Blockchain: what it is, how it works and how blockchain will change everything, not just the financial system.
To understand how the Blockchain is and how it works, we need to understand how Bitcoin is created. Like I said in the previous video, Bitcoin is created through a mining process where you need a very fast and powerful computer or special piece of hardware called “AntMiner” to solve mathematical equations. So, miners are generating 12.5 Bitcoins as a fee that the network pays them, for every block of information they discover during the mining process. All the discovered blocks are chained together, thus they create the blockchain.
More details in my video here: