Bitcoin and Beyond
Bitcoin is the world’s first cryptocurrency, described by its inventor, Satoshi Nakamoto, as “a new electronic cash system that uses a peer-to-peer network to prevent double-spending…completely decentralized with no server or central authority.” Since Bitcoin’s 2009 debut, more than 900 cryptocurrencies have flourished, including the popular Ethereum and Litecoin.
Cryptocurrencies can survive only due to miners, who confirm every transaction and add it to a blockchain. Miners are then rewarded with Bitcoins or other cryptocurrencies, but it can be difficult to keep up with the expenses involved in a successful mining operation. As you know, one must bring in more Bitcoins than one spends to be profitable!
