
CHARITY BIT

WHAT IS CRYPTOCURRENCY?
Cryptocurrency is a form of digital money. There are many different cryptocurrencies, with new “coins”, emerging every day. Cryptocurrencies are borderless and decentralized technologies that enable users to make peer-to-peer transactions that are secure and fast. This means cryptocurrencies don’t have to be minted or backed by a government institution. Most crypto-coins run on a publically distributed ledger called a blockchain. Using blockchain technology allows every user of a given cryptocurrency to hold a copy of the public ledger. When a transaction between users is made, multiple network nodes, (a.k.a. people’s computers), need to either confirm or deny the transaction before it is added to the blockchain. This prevents duplicate or fake transactions, as well as any attempts to edit the ledger with malicious intent.
HOW DOES BROWSER MINING WORK?
The act of “mining” cryptocurrency refers to computers solving complicated mathematical puzzles that confirm or deny transactions happening on the network. This keeps the blockchain consistent and up-to-date. Miners use their computing power to create a system that constantly checks itself, creating security within the network, in return for payment in whatever cryptocurrency they are mining. For most coins, the act of, “mining”, is how new units are placed into circulation. The mining process is what makes more of the coin, which incentivizes miners. Due to the the huge amount of computing power it takes to mine these coins, and the network inherently being rooted in the blockchain, crypto-coins cannot be printed or minted at will.