What is Cryptocurrency, Bitcoin?


Why cryptocurrency?
Bitcoin allows people to initiate a financial transaction without “middle-men”.
Mining is one way to prevent fraud in cryptocurrency, also, miners play a role to authenticate transactions in the block.
Transactions are stored as blocks, and the network is one massive ledger, with blocks as pages in that ledger.
Miners use the data from blocks to complete complex math problems, the answer to the problem is a unique string called a “hash”, and this corresponds to the block so the transaction is locked.
The higher the hash rate, in other words, the more miners, the harder these problems become and the harder it is to authenticate and find blocks.
Miners don’t waste money and resources to mine for free, so every time a miner completes a block, they receive a reward, and when the block is completed, another block is created and this is the only way that crytptocurrencies can more coins.

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