[–] theoldones 0 points 4 points 4 points (+4|-0) ago (edited ago)
a cryptocurrency is a long chain of a math equation, where all vendors running that currency have a copy of the equation so far, which they doublecheck your cryptos against to make sure your not passing counterfeits
mining is someone figuring out another part of the equation
[–] [deleted] 0 points 2 points 2 points (+2|-0) ago
[–] jxfaith 0 points 2 points 2 points (+2|-0) ago (edited ago)
To summarize, bit coin mining is the process of finding a cryptographically secure hash that encodes all pending transactions on the block chain. When such a hash is found, the miner is permitted to create an unsourced transaction (ie, create coins from nothing) and add it to a wallet of their choosing. The supply is only as finite as the technology, because an inability to create new hashes for the block chain will render the currency incapable of completing transactions.
[–] lord_nougat 1 point 5 points 6 points (+6|-1) ago
They have to extract the bit ore from pit mines in souteast asia. Then they smelt this bit ore into bitmetal, which is then processed further and extruded into a coin-like shape, forming bitcoins!
[–] Morbo 0 points 2 points 2 points (+2|-0) ago
Be careful when transporting bitcoins through an airport. The will show up on the TSA scanners and they will confiscate them. If they do then you will not have any money to buy synthetic heroin and stolen children from the hacker 4chan when you walk down the Silk Road on the dark interwebs. It's true, my grandma heard about this on the 6 o'clock news.
[–] [deleted] ago