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CRYPTOMINE


FASTEST & SECURE PLATFORM TO INVEST IN BITCOIN

Buy and sell cryptocurrencies, trusted by 10M wallets with over $30 billion in
transactions.

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10M+

Trusted Wallets Investor


$30B

Digital Currency Exchanged


195

Countries Supported


WHAT IS BITCOIN AND HOW DOES IT WORK?

Bitcoin debuted in 2009, when the software underpinning the currency was
released. Its origins are a bit mysterious, however, and a person (or perhaps
group) known as Satoshi Nakamoto claims the credit for unveiling the
cryptocurrency.

Bitcoin operates on a decentralized computer network or distributed ledger using
blockchain technology, which manages and tracks the currency. Think of the
distributed ledger like a huge public record of transactions taking place in the
currency. The networked computers verify the transactions, ensuring the
integrity of the data and the ownership of bitcoins, and they’re rewarded with
bitcoins for doing so.

This decentralized network is a huge part of the appeal of Bitcoin and other
cryptocurrencies. Users can transfer money to each other, and the lack of a
central bank to manage the currency makes the currency almost autonomous. This
autonomy means that the currency, at least theoretically, can avoid the
interference of governments and central banks.

Bitcoin can operate mostly anonymously. While transactions might be traceable to
certain users, the person’s name is not immediately tied to the transaction,
even if the transaction is processed publicly. However, authorities have become
better at tracking the movements of bitcoins, because the ledger of bitcoin
transactions is publicly available.


WHERE DO BITCOINS COME FROM?

Bitcoins are created, or “mined,” when computers on the network verify and
process transactions in the currency. Some computers called miners are specially
outfitted with high-powered processors that can chew through transactions and
earn a part of a bitcoin. So Bitcoin requires a lot of processing power to
maintain the network and a lot of electricity to run those computers.

Bitcoins aren’t created infinitely, however, and the currency is limited to 21
million whole units. Experts expect the remaining number of bitcoins to be mined
out around the year 2140. When this occurs, miners will be rewarded solely with
a fee for processing transactions.

While the number of bitcoins may be limited, each whole bitcoin can be split
into much smaller units. In practice, bitcoins are divided into fractions of a
coin to facilitate payments of very small amounts of real currency. A bitcoin
can be officially divided into as many as one hundred million parts, which are
called satoshi in honor of the mysterious founder.

Bitcoin is just one type of cryptocurrency, and literally thousands more have
been created. Some of the most popular include Ethereum, Solana and XRP.


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