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Know About the Bitcoin Mining and its Benefits

Another feature that Bitcoin provides is the transfer of billions of dollars and any amount of money without restrictions, and we have seen the deals of buying millions of dollars of this currency has been smooth and fast and has been monitored but no one knows the identity of the parties to those deals.

Yes, it is changing the global economy to the extent that the Internet has succeeded by changing the rules of publishing and making news and eliminating press and paper publishing.

Is there a possibility to track transactions in Bitcoin?

There are websites and internet interfaces that provide anyone in the world with free access to transactions in this currency, showing the address of the wallet sent, which comes in the form of 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX and the address of the future wallet.

In addition to the financial amount and possibly the exact commission cost of the transfer, date and time, but there is no identity, geographical location or IP addresses of the dealers’ devices within this information.

However, in fact, some specialized security companies have emerged that have techniques that help them track financial transactions and help in combating money laundering and suspicious financial operations.

People naturally share these addresses as they will not enable you to enter and dispose of their portfolios, but their address is all enough to get it to send that person money or you can monitor the address in the transaction logs, but it is a difficult process of course.

What about Bitcoin mining?

Bitcoin mining is a complex computer process that is the solution of algorithms and mathematical equations to arrive at units of this currency, through a process that takes a long time so you may not get in a month 0.00001 bitcoin, and one of them may get a greater amount and the difference in that is the number of devices used and their capabilities and the amount of electricity consumed In the mining process.

Mining workers are the ones who play the role of the central bank, but specifically and without significant powers, as their mission is to explore, find and sell currency units and get a return in return for that and the matter is over.

There are currently 17,000,012 units of this currency and the exploration process will end years after reaching 21 million units.

Bitcoin wallets and trading platforms

Hundreds of trading platforms have sprouted around the world and behind which people are known and a number of them hold commercial licenses and operate according to laws, including those in South Korea and Japan, as well as the UAE, the United States, Europe, Russia and even China.

These platforms are a place for buyers and sellers to meet in one place where carried out safely and in accordance with high encryption and is very similar to what is prevailing in the field of Forex and stock exchange trading.

You can get your own Bitcoin wallet for free and you will get a lengthy secret code that keeps some and some other information to access your wallet with a generic address like 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX is that you can submit to these platforms to receive the currency units that you bought or sell from what you have stored. The one of the secure and best platform for bitcoin is 5coins-5million.com.

These platforms and wallets are available for computers and smartphones and a number of them do not require a bank account or even proof of identity to use them.

First of all, bitcoin is a free, decentralized currency, that is to say that it does not depend on any regulatory institution.  It is the users, and more specifically the miners, who control the Bitcoin network. Thus, the value of this currency lies only in the trust that its users attribute to it. It is therefore the law of the market which fixes the price via supply and demand.

Second, the Blockchain in technology used by digital currencies completely dispenses with a trusted third party. This property makes bitcoin a credible alternative for all payments, on the internet as in real life, between 2 individuals, on the sole condition that they have an internet connection.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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