Blockchain Basics
Bitcoin is a type of cryptocurrency that can be sent electronically from one user to another regardless of the physical location.
Bitcoin owners are becoming wealthier at an extraordinary pace.
As the Bitcoin price keeps rising, hundreds and thousands of computers have been configured to mine bitcoins, approve transactions and secure the system. So how does Bitcoin mining work?
The first thing to understand is that Bitcoin doesn’t exist. The only thing that exists is a record of a transaction that is completely intangible.
Bitcoin can bring a huge profit to the budget of BTC holders, especially to those who were patient and chose to hold on it wisely.
Every day we run our lives on the Internet - we do our banking online, and we shop online. We use apps and digital services that make our lives easier and sent information back and forth.
While the goal of Bitcoin was to disrupt the PayPal system and online banking in general, Ethereum's goal was to use a Blockchain in order to replace internet third-parties.
The process of purchasing ETH through exchanges is quite simple, as it's enough to register an account with the exchange, deposit some fiat currency, and purchase ETH through the platform.
The ETH represents the chain that has implemented the hard fork, trying to reverse the huge DAO hack which was mentioned earlier.
It is a crypto-fuel in the digital currency market. It is a sort of payment that is made by users of Ethereum to the software that executes operations.
