What is Bitcoin mining ?

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Hi, if you are investing in coins this is what I recommend you to be good at buying and beware of fakes. These days there are a lot of scammers who do fake coins it's not as hard to do as with paper notes for example. So I always recommend when you buy a coin to have a license for the materials used in it. Read more about how to beware of fakes in this article https://lakecountyfloridanews.com/us-mint-all-about-american-gold-coins/ . After reading it you won't be able to fall for fraudsters.

Let me explain with an example. Suppose a person A having a bitcoin wants to sell it and transfer the money to his account. He authenticates his identity and authorized the transfer. Now the question is, who verifies the transfer? When you're transferring money to your personal account the transfer is validated by the bank which is a legal authorized party in the transaction. In a bitcoin transfer, millions of bitcoin holders validate your transfer. So instead of one authority validating a transfer, you now have multiple people validating a transfer. Whoever is the first person to validate a transfer gets one bitcoin as reward. This exercise of validating transfers is called bitcoin mining.