Why Do We Need Bitcoin Mining?

12 Mar

Bitcoin works uniquely in contrast to conventional currencies where dollars and pounds are taken care of by banks and money related institutions which collectively affirm when exchanges happen, Bitcoin works based on a public ledger framework. With the goal for exchanges to be affirmed and to maintain a strategic distance from the same Bitcoin from being spent twice, for instance, various Bitcoin hubs, worked by miners around the globe, need to give it their seal of approval.

For that, they are compensated the exchange charges paid by those conducting them and keeping in mind that there are still new Bitcoins to be made, there are as of now more than 17 million of a maximum 22 million, a different reward as well, so as to boost the practice.

From participating in mining, miners make new Bitcoins to add to the general course, while facilitating the very exchanges that make Bitcoin a functional digital currency.

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