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Sep 22, 2017 exponential increase in the value of cryptocurrencies - such as bitcoin, a virtual currency based on blockchain order to accept this transaction, the nodes on the network (the miner) are required to authenticate Peter's By design, blockchains are inherently resistant to modification of any stored data.

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Mining for bitcoins is actually the process of verifying other bitcoin transactions, which users are rewarded for. This is the central mechanic behind the bitcoin economy Local wallets typically require verifying the entire blockchain, which is the history of all bitcoin transactions. Hosting a blockchain is what helps keep Bitcoin