What is Bitcoin Mining?

You may already know what bitcoin is but many don't know what bitcoin mining is. So many terms and definitions attached to this new trend... but we are going to explain what bitcoin mining is in simple terms and what you need to know about bitcoin mining.

Bitcoin is a digital currency that was created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1 The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.

Bitcoin is a type of cryptocurrency. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity.

Want to read more on this and other terms related to bitcoin? Go to investopedia.com

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