![]() So how would you be able to tell which one is real? Going back to the context of bitcoins, it would be the job of the miner to check the transactions that have been done to make sure that no one would try to spend the same bitcoin twice. These two bills would have the same serial number, a clear indicator that one is fake. Using actual dollars as an example, let’s say that you have a real $20 bill and someone hands you an exact replica of that $20 bill. In layman’s terms, bitcoin miners are being paid to verify bitcoin transactions, bring new coins into circulation, and give the blockchain the assured security that it promises. Bitcoins are mined in units called “blocks” (hence the “blockchain”). How bitcoin mining works Different stages of bitcoin miningīefore we get into applications that can allow you to mine bitcoin from your phone, you first have to understand how bitcoin mining works. ![]() Right now, we have the most advanced smartphones available… until the tech juggernauts create more advanced ones in the coming years.ĭisclaimer: This article will be targeted towards Android phones as they are more mining-friendly and they have a lot more applications that support it. Just think about it… What did our cellphones look like 10 years ago? They were bricks that we could call and text on… compared to the phones we have now. This is probably because our smartphones are much more advanced now. ![]() ![]() It’s not only the currency itself that has evolved but the bitcoin mining process has experienced some good changes as well.īitcoin mining can now be done on our smartphones. ![]() Processes are much smoother now that people have built up a community where knowledge is so accessible. It is now easier and more efficient to buy bitcoin and despite its recent price drop, people are still finding ways to use bitcoin to their advantage. Bitcoin is slowly starting to reach its fully evolved form. ![]()
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