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Miners
Miners
They validate blocks that are filled with transactions broadcasted to the Bitcoin network. After a block is filled with signed transactions, the miners must solve a randomly generated math problem using computer power. The first miner to do so wins the right to add the next block to the Bitcoin blockchain and is awarded new Bitcoin. The more powerful the computer the greater a miners' chances to win. This process is called proof of work. Once all 21 million Bitcoin are minted by the year 2140 the miners on the network would be paid in transaction fees.
Blockchain Explorer
Blockchain Explorer
A blockchain explorer is where you can check the balance of any address or see the status of any transaction. Some wallets have this built-in, like the Bitcoin core wallet, but you need to download the entire blockchain which can be hundreds of gigabytes. Using web blockchain explorers is a way around that.
https://bits.monospace.live/
https://txstreet.com/v/btc-ltc
It's common to use a wallet like Ledger Live and see incorrect balances due to syncing issues. If you check a web blockchain explorer for the same addresses, the balances are correct. The blockchain isn’t dependent on a wallet. Some blockchain explorers at times can malfunction so It's good to have multiple to verify between them.
Peer to peer
Peer to peer
Like cash, you can use Bitcoin to settle any type of debt without the need of a 3rd party. For example, you send a family member some agreed amount of Satoshis for their GPU. If you trust them to give you the GPU, sending Satoshis to them is no issue. I bring up trust because once you send it, it's not your Bitcoin anymore.
This is an intriguing area of Cryptocurrency you should explore.
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