With crypto’s popularity soaring rapidly and constantly rising and falling in the media, this question can sound quite puny. However, high popularity and topic do not mean that everyone understands crypto.
In fact, most people don’t know what bitcoin is. This is due to the technical characteristics of crypto’s basic technology, which can feel like a difficult concept to approach easily.
Numerous technical terms are used in the concepts of bitcoin and blockchain. The goal of today’s guide is to explain the core of crypto in a very easy to understand
Miners play an important role in the cryptocurrency network, and like investment, mining behavior can be said to be part of the investment. In other words, it can be seen that miners provide a kind of bookkeeping service within their communities. They use computing power to solve complex encrypted puzzles, and through this, they are in charge of confirming the authenticity of the transaction and recording it in a decentralized public ledger named blockchain.
One interesting fact in cryptocurrency mining is that as the number of people participating in such puzzles increases, it becomes increasingly difficult to solve. Therefore, the higher the popularity of a cryptocurrency, the more people cling to mining activities, and accordingly, the puzzle solving process becomes more difficult.
Numerous people have made a lot of money by participating in bitcoin mining activities.