Now a major concern is to make sure that our files are protected and that no one can change the mentioned file and claim that their address contains more cryptocurrency (bitcoin, etherium, lightcoin, etc.) than they actually own.
This is where “mining” works as a solution
Basically, we have a network that sends thousands of “rubber stamper” files that can verify the authenticity of the transaction so it checks if everything is genuine and validates the transfer. This allows the sender to spend his bitcoin and in the end you are able to receive it without worry.
Now, this is where human nature begins, to verify all these transactions our people (or miners) have to pay for their time and effort (there is also a cost of energy) above all why not share it with all of us, and this is our Bitcoin leads to “minor.”
Did you see my comment above, “After all why not share it with all of us”, Welcome to the 21st Century and the World of Cryptocurrency! After all we are cutting off the middle man (banker and finally the government) so the “miners” get compensated via bitcoin through blockchain to make sure all the transactions are genuine, so there is no middle man to manipulate the currency, this is an amazing deal. How about?
So now you have a decentralized currency (no government manipulation or intervention and that is important) being monitored by thousands of miners who acknowledge and receive a small fee, but are testing the legitimacy and integrity of all these transactions.
It means the 21st century and beyond.
Now, transactions are covered, but where do I store my bitcoin?
This is where the wallet comes in.
Simply put, you have a unique bitcoin code, this code can be used to send you bitcoin so anyone can see and make it visible for your transactions across the bitcoin environment.
So where do I put my bitcoin?
In the same place you keep your money (if you use a wallet) only it is a bitcoin (cryptocurrency) wallet.
All you have to do is set up a unique address where you will store your bitcoin (cryptocurrency) and you will go to this address to access how many bitcoins you currently hold. This program is accessed online with an email and password.
Okay, this is a simple explanation, I need to go into more detail which I will address in the next article.