Bitcoin Circle - What is it? - WikiBTC


WikiBTC - Bitcoin Circle Answers



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All of this adds up to significant upfront costs. Mining is the “glue” that holds together many cryptocurrencies, including Ethereum, by ensuring that the network comes to consensus on each and every change made in the system. Ethereum doesn’t just power a cryptocurrency - it also provides a platform for building decentralized apps that give users more control of their data by doing away with intermediaries. Traditional apps like Twitter or Gmail are typically run via internet servers and managed by a central authority, meaning that authority can, at any time, stop users from performing certain actions or monitor the data on their platforms. Miners are paid to be this glue, getting awarded the “fresh” tokens of the cryptocurrency as their computers perform calculations that unlock them. That’s why most people take up the venture in the first place. Miners set computers loose to grind through cryptographic computations in an attempt to win ether, Ethereum’s native token. 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