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Once one makes this realization — that the government is actually quite powerless to stop Bitcoin, then a few ramifications might spring into mind. If Bitcoin doesn’t fail on its own, then to some extent it will succeed, and as it succeeds, it starts to replace many of the institutions which have caused so much trouble for humanity.We will calculate the total value of Bitcoin first because that is the easy part. According to CoinMarketCap, the value of all the bitcoins in the world was $160.4 billion as of March 4, 2020. For comparison, Forbes estimated the net worth of Amazon (AMZN) founder Jeff Bezos at $115.5 billion.1 That makes the market cap of Bitcoin just over a third larger than Bezos' fortune.cryptocurrency gold bcc bitcoin bitcoin страна ethereum miner bitcoin nvidia love bitcoin ethereum кошелька 100 bitcoin pro100business bitcoin взлом bitcoin cnbc bitcoin bitcoin today japan bitcoin

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Bitcoin wallet program are safer because they let you control your private keys and truly own your coins, but that makes you responsible for them. If you don’t backup your private keys or if your computer gets infected with a virus, you could lose your money and it would be your fault.bitcoin foto bitcoin банк usdt tether bitcoin qt change bitcoin bitcoin обои ethereum crane ethereum twitter bitcoin ключи ethereum проблемы

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Crypto Mining Explanatory
In the real world, practically every financial system needs a central authority to confirm and process a transaction. For example, if you wanted to transfer some money to your friend, you would probably use a bank.

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The money leaves your account and then a few days later it arrives in your friend’s account. Simple!

However, to do this you need to use a third party, which is the bank! The problem is, you have to put all of your trust into a third party when you use them.

You need to supply lots of personal information and you have to trust them to look after your money.

As you might remember from the 2008 financial crash, lots of banks went bankrupt and people lost their savings. So much for the trust! In the cryptocurrency world, things are different. Blockchain transactions are decentralized, meaning that no single person or authority has control.

You must be wondering how it is possible to confirm and process transactions without a third party? Well, this is because of something called a distributed ledger that is managed by thousands of different miners!

Instead of one person or corporation (like a bank) having control, everybody has it! To become a miner, people use their extra computing power to help solve mathematical puzzles.

The reason computers are needed is because they are designed so that no human could solve them. When the puzzle is solved, the block of transactions is verified. So why would people use their computer to help process/verify a transaction when it will cost them time, money and electricity?

Well, to say thanks for their help, miners receive coins as a reward. (In the case of Litecoin, the miners receive Litecoins). This helps the blockchain operate in a decentralized way!

Mining can be a great way to make a profit while supporting the cryptocurrency community. However, as mining has become more and more popular, it means that there is more competition.

It’s like thousands of people trying to solve the same puzzle. Whichever miner solves it first, gets the reward! (This mining system is known as PoW/Proof-of-Work, however, there are other mining systems too that run on other blockchains, such as the NEO blockchain which uses a variant of PoS/Proof-of-Stake).

Now that you know what mining is, let’s have a look at how it works on the Litecoin blockchain!



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