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What Is Crypto Currency Mining?

According to the anonymous author on bitsusd.com it can be explained as a “distributed ledger of wallet balances” in bitcoin denominations. It’s most easily explained in laymen’s terms. Crypto currency started out as a decentralized exchange versus a centralized bank.

What is a centralized bank? According to Wikipedia a centralized bank is the following:

“A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, and interest rates of a state or formal monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and also generally controls the printing/coining of the national currency, which serves as the state’s legal tender.”

So basically, the creator of Crypto currency wanted the market to determine the value of crypto currencies. Pretty smart individual! See there’s more to a central banking system than meets the eye. I will explain more, but remember that a centralized banking system is NOT what crypto currency is.

A centralized banking system has the power to keep poverty on the rise. How? A centralized bank can monopolize, which should have been dealt with via law makers long ago. There’s more to it than this.

According to Wikipedia, “The money supply is the total value of monetary assets available in an economy at a specific time. There are several ways to define ‘money’, but standard measures usually include currency in circulation and demand deposits.”

What this means is this:

The centralized banking system decides how much currency is dispatched from the Federal Reserve. This according to Wall Street & the S&P sets the value of the dollar. The belief of the centralized bank is that the more money that they print/coin means the value goes down. The scarcity issue makes the value increase.

Now with Crypto Currency, the centralized bank does not set the value of the coin, the market exchange does. What this means is the value is set by how much a person would pay to own a share of this stock. Stocks are traded and are not like the dollar or the coin of the centralized bank.

Sure the process seems similar to the money exchange trading market, but it is in digital currency. So in essence the crypto currencies are a digital I.O.U.? No, a crypto currency is a digital asset, like a physical asset of a corporation. To put it simply, the very first crypto currency was a STOCK made up of an Intellectual Property.  And, it’s the Intellectual Property that is being traded.

Why is crypto currency traded if it’s an Intellectual Property? Intellectual Properties are bought & sold on a daily basis. For instance, when you purchase a DVD, Music, Download, etc. these are someone’s Intellectual Property. Someone thought of what is on the DVD, or composed the music & lyrics, and someone also came up with the machine codes that are in the download that make your phone/tablet/computer behave in a certain way that the codes provided.

Intellectual Property Mining

I hope I’ve explained the history of crypto currency well enough for the next part of this post to make sense.

In the first paragraph I stated what bitsusd.com explains is crypto currency mining. It may not seem like it, but I did.

Allow me to go into a deeper explanation of what this Intellectual Property Mining is.

We’ve established what crypto currency is:

  • DIGITAL
  • INTELLECTUAL PROPERTY
  • TRADED AS A STOCK
  • A DISTRIBUTED LEDGER OF A DIGITAL WALLET BALANCE

Now, what is the mining considered to be?

What crypto mining is in laymen’s terms is simply a recording of digital wallets’ transactions. Since crypto currency is based in the digital world AND decentralized, there has been NO FORM of governed centralization since the beginning of crypto trading at its conception.

Basically what this means is there has been pieces of paper (like on Wall Street) bought and sold. Since it’s conception, crypto currency was in fact Intellectual Property being bought & sold/traded in the bit finance world. With in the last few years, major banking systems have started to coin their own crypto currency. JP Morgan for example has their own crypto currency. Major banks started picking up crypto currency as early as 2017. Wow, not that long ago!

Crypto Mining is simply stated as a finders fee given in crypto currency that can be exchanged for USD (US dollars) for finding the original distributed digital ledgers to be recorded in a centralized ledger.

Crypto mining is performed by software that searches the digital world and scans these blocks of transactions to see if they fall into crypto currency guidelines with in the software definitions of crypto transactions. These crypto transactions are then centralized by the software and recorded and a finders fee is paid.

I currently have only ten openings for people that want to become crypto miners by downloading the software that runs in the background while you are on the internet. This software is great, it actually speeds up your connection. I have however found that it sometimes can slow down your video card’s resolution while watching a video.

It’s a minor problem only when it is scanning using the video card. It also briefly stores the blocks or block chains on your hard drive before it becomes recorded in the centralized ledger. I’ve not had any problems with these blocks remaining on my hard drive.

The crypto mining software uses various decoding “scripts” or definitions to search the internet. Your crypto earnings for finders fees are recorded every ten minutes. This means that you earn crypto currency every ten minutes without having to do anything at all (other than having your phone or computer connected to the internet with the crypto browser active).

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