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Reply to "I don't understand mining for bitcoin, etc. Can someone explain it to me?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am still extremely confused as to what mining for bitcoin means and what is involved. People have tried to explain it to me, I have googled and tried to read about it, but I don't get it. Can someone please explain it to me like I am 5! I would be so grateful.[/quote] Bitcoin requires a lot of computing power to process transactions. People are rewarded for bitcoin in exchange for computing power / time. The longer bitcoin exists/more bitcoin is produced, the less bitcoin someone receives in exchange for computing power. That providing of computer power is "mining."[/quote] To whom does the computing power go to?[/quote] To everyone who uses bitcoin.[/quote] To the atmosphere. The computers are doing math for the sole purpose of creating a bitcoin. The calculations have no function or purpose other than that.[/quote]
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