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The Multilayered Cryptocurrency
The Multilayered Cryptocurrency
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dalvinsmith147
2 posts
May 28, 2021
3:30 AM
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Questions have arisen unto whether bitcoin is turning into a multilayered system. Well, the answer is yes. This article seeks to outline the various layers onto which bitcoin lies on. It's all yours!safetitan price
Have you heard of those who refer to bitcoin as digital gold? Clearly, the crypto-currency is quickly gaining popularity and acceptance in the crypto world. The value of the coin is estimated to rise higher. However, it is also noted that the coin can gain or lose 50% of its value overnight. This causes speculations amongst investors but the coin is nevertheless a ''digital gold''. And to the question of whether bitcoin is a multilayered system, it should be known that bitcoin exists on two main layers. These are the mining and the semantic layers.
The mining layer
This is the layer in which the coin is created. Besides bitcoins, ether is also created in this layer. After creation of the coins, valid blocks of bitcoins are transferred to the ledger. Here, currency generation is done. It should be noted that the currency is generated from transactions which are contained in the blocks of bitcoins. The blocks are known as transaction fees. The currency can also be generated from the network itself, or you can say ''from the thin air''. The main advantage of generating currency from the network is that is provides incentives to the miners.
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