Topic: How blockchain works and how Bitcoin miners earn Bitcoin?😃 (Read 123 times)
That's good explainer for all these people who always ask you when hear that you are crypto enthusiast and blockchain lover - what did you say?? Blockchain??
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May I put your name on this article?How funny. Try to respect others hard work.
Nice work starting out! I can spot some improvements but I think you have the gist of some of how it all works. Maybe Bitcoin.org/Bitcoin.PDF (satoshis whitepaper) will make your knowledge and article/post clearer but it's a good start to learning about blockchain nonetheless.
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How blockchain works and how Bitcoin miners earn Bitcoin?
The blockchain basically creates a P2P network, where blockchain every block's data can be verified by any person having connected to the Internet.When a new person registers this blockchain network, he gets copies of all the blocks in front of him and earlier, and he verifies each block and ensures that every data contained in the blockchain is still fine.The more blocks in the blockchain are verified, the more the data becomes more stable.Basically this way Blockchain Technology continues to do this.We all know that Bitcoin Transactions works based on Blockchain technology.
Let's see how Blockchain basically works.
Suppose you have 10 Bitcoins and you want to sent me 6 Bitcoins from there.In that case your this amount of Bitcoins will be transferred from your wallet to my wallet.When you send the bitcoin to my wallet address, a new block will be created in Blockchain with all the details of this transaction. The data of this block will be as a sender, that's mean your wallet address, Receiver, that's mean my wallet address And the amount of Bitcoin you can sended.Now this new block will be connected to Blockchain that it will come in front of everyone to verify.When they all verify this block or make sure that everything is okay, then this transaction record will be stay permanently in Blockchain and the transaction will be completed.Those who work on Bitcoin for verifying this block are called Bitcoin Miner.And, for processing this transaction, you will have to pay some fee and most of them will get Bitcoin miners, who use their hardware to Bitcoin mining or verifying this block.It is definitely a clear idea of how blackchain works and why the miners can earn bitcoin by mining it.
The blockchain basically creates a P2P network, where blockchain every block's data can be verified by any person having connected to the Internet.When a new person registers this blockchain network, he gets copies of all the blocks in front of him and earlier, and he verifies each block and ensures that every data contained in the blockchain is still fine.The more blocks in the blockchain are verified, the more the data becomes more stable.Basically this way Blockchain Technology continues to do this.We all know that Bitcoin Transactions works based on Blockchain technology.
Let's see how Blockchain basically works.
Suppose you have 10 Bitcoins and you want to sent me 6 Bitcoins from there.In that case your this amount of Bitcoins will be transferred from your wallet to my wallet.When you send the bitcoin to my wallet address, a new block will be created in Blockchain with all the details of this transaction. The data of this block will be as a sender, that's mean your wallet address, Receiver, that's mean my wallet address And the amount of Bitcoin you can sended.Now this new block will be connected to Blockchain that it will come in front of everyone to verify.When they all verify this block or make sure that everything is okay, then this transaction record will be stay permanently in Blockchain and the transaction will be completed.Those who work on Bitcoin for verifying this block are called Bitcoin Miner.And, for processing this transaction, you will have to pay some fee and most of them will get Bitcoin miners, who use their hardware to Bitcoin mining or verifying this block.It is definitely a clear idea of how blackchain works and why the miners can earn bitcoin by mining it.
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