Whats up Crypto peeps! It's your girl Ysa, here to deliver your daily dose of bitcoin talk
Alright, so let's say you already know the basics of how Bitcoin works
But, since this is digital money... How do you get your hands on one?
Today, I'll show you how to get your first bitcoin
There are two ways to acquire bitcoin
Today, I'll be discussing the first way.
You know how miners dig underground for diamonds?
Bitcoin, Kinda works like that!
It all begins with the blockchain,
which is the system that runs bitcoin
all the transactions recorded are encrypted.
so even if other people can see it.
they can identify which transactions belong to which person
Hence the term, Cryptocurrency
Now this is where things get a bit technical
but I'll do my best to explain it in layman's terms
It is estimated that there are only 21 million Bitcoins in existence
and this limitation is what gives Bitcoins it's value
These blocks are actually complex mathematical problems
That miners need to solve in order to verify the transaction
Each block takes around 10 minutes to solve
The miner who then first solves this gets rewarded bitcoins
The first miner who was able first to solve it
then sends this information out to other miners
Who's job is to verify and check if this is indeed correct.
which is how the term blockchain was formed.
If enough people end up with the same solution, then this block gets approved and added onto the digital ledger.
And since people want to win this race, they created what we call “Mining Pools”.
In a nutshell mining pools are a group of miners who have teamed up
their computing powers in order to increase their chances of being the first to solve each block.
The reward is then split up by members of the pool.
This whole system not only creates incentives for miners to validate transactions
but it is what makes the bitcoin safe and secure.
So, that’s one way on how to get bitcoins!
But if the miner’s life, isn’t the life for you
then here’s another way to get bitcoins,
which I will talk about in our next video so stay tuned for that!
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Once more this is Ysa, and Ill see you guys next time! Bye!