Hi everyone, and welcome to another article!
This is the second instalment in my "100 words or less" series, and is a way for me to explain concepts that are complex or that I'm interested in in quick and bite sized manners that are easy to digest.
Let's go!
What is Bitcoin?
Bitcoin is the first proof of work cryptocurrency that was created in 2009. It was created following the market crash in 2008 as a way to decentralize people's finances.
Bitcoin is built on a blockchain, which is a cumulation of all transactions available to be processed. Blocks on the chain are mined by super fast and powerful computers called miners. When a block is mined, the transaction is said to be processed.
Mining takes place when the super fast computer solves a complex mathematical problem to contribute to network security. Once it successfully solves this problem, it is awarded Bitcoin as a reward. This is how Bitcoins are created.
Thanks for reading! I tried to keep it under 100 words again but failed again! When will I win this challenge :)
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