: “Crypto Currency Mining: The Things You Need to Know to be a Successful Miner” by Binary Financial managing partner Harry Yeh for Coin Congress 2014
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How do cryptocurrencies such as Bitcoin work? Why do we mine them? What are the math problems being mined to uncover coins?
Simply stated cryptocurrencies are digital exchange networks that use the currency’s community to validate the legitimacy of transactions between consumers.
In this video I attempt to explain (broadly) what a cryptocurrency is and to explain how the network of users manage transactions. In the end, digital money like Bitcoin is usually extremely secure. Mining cryptocurrencies helps the network determine the validity of transactions and users are rewarded for their participation in this action. Please watch the video for more information on mining and why we do it.
A note to people who wish to mine: Mining for Bitcoin and other currencies is extremely hardware intensive and only computers with high end specs will have much luck mining. Furthermore, lone wolfing will not get you very far. If you insist on mining, I suggest that you join a mining pool.
If any of my information was incorrect please respond to it in the comments and I will address the issues as soon as possible!