Bit coin is a virtual currency that was introduced in the year 2009. This idea of crypto currency had come from Satoshi Naka moto. This virtual currency gives the ability of less transaction fee in comparison with the traditional financial operations. This system of crypto currency is decentralized. It means it cannot be operated by any authorized body like banks, the government body.
Bitcoin mining helps in keeping records
Bit coins are present virtually in between us. It has some transparent access that provides a ledger publically. Bit coin mining is a procedure of keeping records with the help of a computer system by adding every transaction record in a public ledger. It is also known as the term block chain. The process of mining in crypto currency is laborious, expensive, and periodically reward for miners. One also has a chance to earn free mining to gain bit coins. It is a golden chance for those people who are interested in the virtual currency system. They are rewarded with crypto tokens. With the process of mining, one can get a chance to earn bit coins. It is a kind of large business for many peoples. Those individuals who worked as miners are paid for their auditing work. They work for authenticating earlier bit coins transactions.
The Process of Mining
Anyone can get a bit coin without paying any physical currency through the process of mining. The miners get the coins in the form of rewards after finishing blocks of certified operations added to the block chain. The rewards of mining got only by those individuals who introduce a clarification for complicated puzzles and also develop a chance to introduce the solution linked with the whole mining process on the network. In bit coin mining double-spending is a process of spending a single token for two times.