Bitcoins Is the Currency of Choice Essay
In order to truly understand the concept of the Bitcoin platform, it must first be explained. The very …show more content…
In essence, each member of the community maintains a specific record of ownership of each of the 21 million integers mentioned above. This decentralized approach to the currency means that each Bitcoin is mined and created by the very network it emerges from. Potential minders can engaged with this network and participate in the mining operation by simply connecting to the network via their own computer through widely distributed Bitcoin software (Kroll, Davey, & Felton, 2014). With its peer-to-peer approach, a community of miners help mine and earn the currency often resulting in currency-sharing in which users will share blocks with not only other users but websites and software that aide in the process of mining (Lee, 2013). While this may be a cumbersome approach for some that requires a tremendous amount of hardware power, others have heavily invested in the process by buying special mining equipment that runs 24 hours a day with the sole intention of mining blocks. The tremendous amount of energy output for Bitcoin mining has become problematic for many and as such, despite its popularity, remains a niche exercise.
Naturally, with the popularity of Bitcoin