SkeetDixon wrote: ↑
Sat Jan 20, 2018 12:47 pm
So "mining" bitcoins is the process of facilitating the transaction to sell "virgin" bitcoins to buyers? Or is it facilitating bitcoin transactions between individuals?
Mining is an inefficient and power consuming way to verify transactions in an un-centralized way. But it's what makes the whole system work.
But there's better ways to do this. Like IOTA that uses a "tangle" so there's no more need for miners, and there's no transaction fees. There's also about 600 other cryptocurrencies, some who also make Bitcoin look obsolete.