+ 1

How does BTC and it's Miner work?

Yeah what it needs? Is it only counter? How it can add the type of BitCoin currency? How do we can have that type of currency? Did it need bank support? I'm still teenage.. Sorry for asking a lot, i just wanna know some Ohh yeah.. Don't forget to upvote, plz Thx

16th Oct 2020, 7:20 AM
El Roy Situmorang
1 Answer
+ 1
I don't want go so depth into this topic because it is so big to expalin. BTC is currency.in normal bank transactions, To receive or transfer money we need a server. In BTC these servers are in distributed network. it is called as blockchain. When you send BTC to your friend using this blockchain these transactions will stored in a ledger. This ledger will updates every system in blockchain network. MINERS will update your BTC transaction between you and your friend in this ledger. Before update your transaction 51% of the nodes in blockchain network need to accept this transaction is legitimate. These systems check where you get this money. Using previous transactions in the ledger on your BTC account id. Everything is strongly encrypted and hashed so your details don't leaked. Banks can run private blockchain network with their own currency. If banks build their own blockchain network. that is not secure as normal blockchain because government and banks must see your transactions.🔚👍
16th Oct 2020, 12:36 PM