What is cryptocurrency mining?


Edited by Ngoc Xuan Posted 11 months ago 112,992 31

Bitcoin is a form of virtual currency that is quite popular in the world. The following article will explain to you more carefully what is Bitcoin virtual currency? How to earn Bitcoins. Let’s find out together!

What is 1 Bitcoin?

Bitcoin is a digital currency Released as open source software.

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Bitcoin was released in 2009 by a mysterious figure nicknamed Satoshi Nakamoto. This virtual currency can be communicate directly with an Internet-connected device without going through an intermediary financial institution.

With important features like anonymous, transaction no feesmore and more people believe and accept it.

2 How to find Bitcoins?

Bitcoin has high security, appears and is divided automatically based on algorithms and anyone can own it through decipher mathematical equations and give answersaka “peach”.

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Computer rig for this method must have Extremely powerful configuration with the Computer software for Bitcoin mining installed by the user. Then you have to register an account to join the Bitcoin network. Then you let the installed configuration software run, the Bitcoin mining process will automatically take place.

Bitcoin mining is done by applications installed on computers, so anyone can participate. However, Bitcoin is really complicated, especially in terms of techniques as well as the proposed algorithms, so you must consider carefully before participating in mining investment.

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3 How many Bitcoins in total?

Unlike other coins, bitcoin is limit on the number of mining. Like it or not, one can only dig in total 21 million bitcoins. The later, the more difficult the level of bitcoin mining.

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According to calculations, Bitcoin will still be enough to mine until 2040. After that point, it can continue to be created in its current form or as a new version. The value of Bitcoin virtual currency is based on people’s trust in it as a payment instrument. As more people accept it, the value of Bitcoin increases.

Where is Bitcoin used?

Currently in Vietnam, Bitcoin is not considered a currency nor is it considered a commodity, not protected by law, you can only buy and sell this virtual currency for investment purposes. You cannot use Bitcoin to buy goods or pay for any services in Vietnam.

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However, Bitcoin owners can buy domain names and servers with this virtual currency or send this virtual currency to relatives in foreign countries (for example, the US).

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Bitcoin is not allowed to pay in Vietnam, but it is allowed to use Bitcoin to buy goods abroad and send it back to Vietnam. There are many places abroad that accept Bitcoin as a means of payment such as OverStock, Dish, CheapAir, Gyft, etc.

See more: The 10 most popular and worth-watching virtual currencies today Instructions on how to give lucky money via Momo, ZaloPay, Viettel Pay e-wallets are extremely convenient 7 most popular ride-hailing applications in Vietnam | update 2020

Above is an article that introduces you to what is Bitcoin virtual currency? How to earn Bitcoins. Hopefully from the above information, you can better understand this virtual currency!

Source: internet

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