There tends to be a lot of confusion in newcomers when it comes to understanding how exactly a Bitcoin is Created, and where it comes from. Today we explain the process.
WHAT IS BITCOIN MINING?
DIFFERENCES WITH OTHER SYSTEMS
Bitcoin Mining is based on P.O.W. (Proof of Work), and is identical to any other P.O.W. Chain. But other projects can have other methods of taking their Blockchain forward in a decentralized manner. The main alternative is Proof of Stake (P.O.S.), where to be a validator, you must have an X amount of the blockchain's native currency locked and staked, to assure your intentions converge with the well-being of the project. Rewards will stem from this staking. Other lesser known alternatives are Proof of elapsed time and Proof of Authority, which we will expand upon in our next "Explained" Articles. Another difference which has come to mainstream discourse's attention is of environmental nature; it has been noted that Proof of Work blockchains such as Bitcoin's have a greater impact on the earth's ecosystem than other, alternative types of blockchains, such as the ones mentioned above.
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