What is Crypto - What is Cryptocurrency Mining & Hard Fork | How Cryptocurrency Actually Work 2022

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Most people think of crypto mining simply as a way of creating new coins. Crypto mining, however, also involves validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger. Most importantly, crypto mining prevents the double-spending of digital currency on a distributed network.

Like physical currencies, when one member spends cryptocurrency, the digital ledger must be updatedby debiting one account and crediting the other. However, the challenge of a digital currency is that digital platforms are easily manipulated. Bitcoin’s distributed ledger, therefore, only allows verified miners to update transactions on the digital ledger. This gives miners the extra responsibility of securing the network from double-spending.

Meanwhile, new coins are generated to reward miners for their work in securing the network. Since distributed ledgers lack a centralized authority, the mining process is crucial for validating transactions. Miners are, therefore, incentivized to secure the network by participating in the transaction validation process that increases their chances of winning newly minted coins.

In order to ensure that only verified crypto miners can mine and validate transactions, a proof-of-work (PoW) consensus protocol has been put into place. PoW also secures the network from any external attacks.

Below topics are explained in this "Cryptocurrency Explained" video-
0. Start (0:00)
1. What is cryptocurrency? Cryptocurrency for beginners ( 10:20 )
2. What makes cryptocurrencies special? ( 20:12 )
3. What's the 'crypto' in cryptocurrencies? ( 30:50 )
4. Bitcoin vs Ether ( 60:39 )
5. What's the future of cryptocurrency? ( 01:16:22 )

Cryptocurrency Full Course Playlist : https://www.youtube.com/watch?v=-b08Ouit2js&list=PLOCPqryASJUwrZnAfmqmkg-eVVXoKp8_z

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