Bitcoin Cash is the second most expensive cryptocurrency in the world behind Bitcoin at $573.35 per unit with a market cap of $9.4 billion
It all began with the creation of the Bitcoin in 2009 by a programmer or a group of programmers going by the name Satoshi Nakamoto. They created a radical new currency named “Bitcoin”, redefining the understanding and premise behind currency. A digital currency protected from vulnerabilities of human nature; Bitcoin offered an alternative to traditional fiat currencies. Independent from government backing or tie up with a valuable commodity, Bitcoin has grown into a movement that is said to be a defining moment in human history after the creation of the Internet.
Bitcoin is a peer to peer decentralized, digital currency system and a group of people called “miners” manage the entire system of bitcoin.
MINERS
Mine for blocks
Add transactions to the blocks
Miners use their computing power to look for new blocks to be added to the blockchain. A miner gets a reward on the discovery of a new block, currently 12.5 bitcoins per block. When a miner or a group of miners discover and mine a new block, they also control the block. In order to fulfill a transaction, i.e. add transactions to the block, miners can charge a fee in order to “cut in line” and speed up the transaction.
This story is from the October 2017 edition of DataQuest.
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This story is from the October 2017 edition of DataQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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