Jeffrey Tucker
A New Currency for the Digital Age
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Bitcoin explained simple
What Is Cryptocurrency and Who Controls It? Are Physical Bitcoins Real?
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Bitcoin explained simply
By now you've probably heard about the cryptocurrency craze. Either a family member, friend, neighbor, doctor, Uber driver, sales associate, server, barista, or passer-by on the street, has probably told you how he or she is getting rich quick with virtual currencies like bitcoin, Ethereum, Ripple, or one of the lesser-known 1,300-plus investable cryptocurrencies. What is Bitcoin (BTC) All transactions are publicly broadcast on the network and miners bundle large collections of transactions together into blocks by completing a cryptographic calculation that’s extremely hard to generate but very easy to verify. The first miner to solve the next block broadcasts it to the network and if proven correct is added to the blockchain. That miner is then rewarded with an amount of newly created bitcoin.
Is Bitcoin Mining Legal?
The first real-world Bitcoin transaction occurred on May 22, 2010, a date known to Bitcoin enthusiasts now as Bitcoin Pizza Day. Laszlo Hanyecz paid 10,000 BTC to have two Papa John's pizzas delivered to him. The pizzas retailed for about $25. At the peak of Bitcoin's pricing in 2021, the two pizzas would have cost north of $680 million. Due to Bitcoin's extreme volatility, the pizzas would currently be worth about $250 million. What is bitcoin mining? All the other nodes in the network can see the solved puzzle and test its proof of work. This is called consensus. The proof of work verifies that the new transactions are in harmony with the current iteration of the blockchain. All nodes can see that the new transactions reconcile with the current state of the spreadsheet.
