Whats up Crypto peeps! It's your girl Ysa, here to deliver your daily dose of bitcoin talk <Intro> Alright, so let's say you already know the basics of how Bitcoin works But, since this is digital money How do you get your hands on one? Today, I'll show you how to get your first bitcoin There are two ways to acquire bitcoin Today, I'll be discussing the first way You know how miners dig underground for diamonds? Bitcoin, Kinda works like that! It all begins with the blockchain, which is the system that runs bitcoin all the transactions recorded are encrypted so even if other people can see it they can identify which transactions belong to which person Hence the term, Cryptocurrency Now this is where things get a bit technical but I'll do my best to explain it in layman's terms It is estimated that there are only 21 million Bitcoins in existence and this limitation is what gives Bitcoins it's value These blocks are actually complex mathematical problems That miners need to solve in order to verify the transaction Each block takes around 10 minutes to solve The miner who then first solves this gets rewarded bitcoins The first miner who was able first to solve it then sends this information out to other miners Who's job is to verify and check if this is indeed correct
which is how the term blockchain was formed If enough people end up with the same solution, then this block gets approved and added onto the digital ledger And since people want to win this race, they created what we call “Mining Pools” In a nutshell mining pools are a group of miners who have teamed up their computing powers in order to increase their chances of being the first to solve each block The reward is then split up by members of the pool
This whole system not only creates incentives for miners to validate transactions but it is what makes the bitcoin safe and secure So, that’s one way on how to get bitcoins! But if the miner’s life, isn’t the life for you then here’s another way to get bitcoins, which I will talk about in our next video so stay tuned for that! and also, If you like this video, please don't forget to give it a thumbs up! and Subscribe! Once more this is Ysa, and Ill see you guys next time! Bye!