Since Bitcoin is a new form of currency, you might think that in some magical way, you can easily earn Bitcoin. But I am sorry, Bitcoin is the same as other currencies. Not so simple.
Although there are many ways to get Bitcoin, you need to spend a lot of time, effort and sometimes money to get it.
This time we will explain to you “how can i get Bitcoin” and “how do Bitcoin miners work”, we hope this helps you.
How can i get Bitcoins?
Method 1: Go to an open Bitcoin exchange and open an account. Please note that exchanges require real-name certification. So to open an account, you need to prepare the following items:
1) ID card
2)A bank card with good online banking
3) A mobile phone number
4) A mailbox
The account opening process is very simple, it works much in the same way as most account registrations do.
Method 2: Buy a mining machine yourself and start “mining”, that is, the process of producing Bitcoin plus a transaction fee.
Method 3: Over-the-counter trading, you can find someone who is willing to sell Bitcoin, pay the money directly, and then he sends you Bitcoin. This eliminates the exchange opening process.
Method 4: Slowly earn a substantial amount of Bitcoins for free through Bitcoin faucets, like playing mobile or online games, completing tasks on websites, or writing about Cryptocurrency.
How do Bitcoin miners work?
Since the concept of Blockchain was born, miners are no longer the abbreviation of coal miners. The term has been given a whole new meaning: people engaged in virtual currency mining.
There are quite a few newcomers who have just entered the circle knowing how to mine, but they don’t know how to mine. Today we will talk about how the miners work.
Bitcoin uses a distributed system. All transaction information for a certain period of time is recorded in a block, and this block is recorded in each device participating in the accounting.
This will ensure that even if there is a problem with one node in the whole network, it will not affect the normal operation of the Blockchain. Therefore, the distributed accounting system is relatively safe.
The distributed accounting system obviously needs a lot of nodes to participate in bookkeeping, so the founder of Bitcoin, Nakamoto, came up with a set of incentives to attract more people to participate.
Bitcoin uses the principle of cryptography to introduce a hash algorithm into the algorithm. It will give a very difficult calculation problem to all nodes in the system, and this algorithm can adjust the algorithm difficulty.
Control takes about ten minutes each time you get the correct hash value. The stronger the computing power of all nodes, the more likely it is that the first one will calculate the correct hash value and get the billing right to get the reward.
People compare this image to mine mining, so the nodes involved in accounting are called miners. Bitcoin generates a block every 10 minutes, which is to package the entire network transaction into a block. In the process of competing for the bookkeeping rights are called miners.
Those who get the bookkeeping rights can get Bitcoin incentives, which encourages miners to participate and buy mining machines to enhance computing power to maintain Bitcoin and Blockchain development.
This was a brief overview on how to get Bitcoin and how do Bitcoin miners work. If you are interested in the articles we share, you are welcome to follow us and get more exciting articles.
Bybit is a worldwide cryptocurrency derivatives exchanges launched in 2018. The company claims to work towards a faster, fairer, and more human crypto trading industry; in this comprehensive review we will present and analyze all of Bybit’s features, advantages, disadvantages and how to use them.
Access the website at: https://www.bybit.com