https://ift.tt/3zPTWR5 just don’t understand please ELIF

I just don’t understand please ELIF

https://ift.tt/3zIhLKE


“New bitcoins are generated by the network through the process of “[*mining*](https://en.bitcoin.it/wiki/Help:FAQ#What_is_mining.3F)”. In a process that is similar to a continuous raffle draw, mining nodes on the network are awarded bitcoins each time they find the solution to a certain mathematical problem (and thereby create a new [block](https://en.bitcoin.it/wiki/Block)). Creating a block is a [proof of work](https://en.bitcoin.it/wiki/Proof_of_work) with a difficulty that varies with the overall strength of the network. The reward for solving a block is [automatically adjusted](https://ift.tt/34C7O61) so that, ideally, every four years of operation of the Bitcoin network, half the amount of bitcoins created in the prior 4 years are created.”

Can someone please help me out, I do NOT grasp what a bitcoin actually is and how computers solving math problems are awarded fake money that people can then use as real money? What?

View Reddit by JingleheimerThe3rdView Source

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