Introduction to Blockchain & Mining

Introduction to Blockchain & Mining

New people in the industry often get blockchain and bitcoin confused, believing them to be the same thing. However, they are not. Bitcoin is a digital currency and blockchain is the technology bitcoin uses to allow secure, anonymous and pubic transactions.

Blockchain is the DNA material that makes up bitcoin. It is the platform on which bitcoin stands. In simpler terms, think of blockchain as an operating system on a computer. Bitcoin would be an application that runs on this operating system. Once you can understand the things people confuse, you can start using the cryptocurrencies to benefit yourself and make your transactions more secure.

As for mining, do you picture the Wild West, people panning in rivers, taking their pickaxes and looking for rich veins of gold?

Well, that imagery is not too far off from what you will have to do when you are mining cryptocurrency. The analogy is almost perfect because mining cryptocurrency is uncertain and difficult. It will take its toll before you can get returns.

We perform the exercise with the aid of super-powerful computers, which have to solve complex mathematical computations. The math problems are so hard, you cannot do them by hand. It explains why you need powerful computers.

When you finish all these topics, you’ll be able to understand how the currencies work and how you can leverage your knowledge to enjoy the technology.

What started on the fringes has now become mainstream and has gone to a global level known to most people. Adventure into this guide and learn everything you need to know about cryptocurrencies and the change they will bring to the global economic system.