Reegan’s Blockchain Jouney #3 – Cryptocurrency Miners – By Reegan Lessie

I am a small business owner living in San Diego, California. Follow my journey as I learn about everything Cryptocurrency and share my insights with you in my own words. My goal is to learn the basics needed in Cryptocurrency to create a plan for financial freedom.

 

This is Reagan Lessie. And I’m here in San Diego, California talking about everything Cryptocurrency. Welcome. Full disclosure, I am a full-time yoga instructor living here in San Diego, California. I own a yoga studio as well as a coffee shop, so I do not claim to be a professional.

In fact, I looked up the quote by Aristotle this morning: “The more you know the more you know you don’t know”. Because as I start this journey into Cryptocurrency, I recognize that there are going to be certain ideas and concepts that are gonna be difficult for me to grasp. But what’s most important is that I understand the basics.

So, these videos will be talking about the basics, Tai and his staff have asked me to create these videos to share my journey in my own words. Today’s subject is on Cryptocurrency miners. So, this is really a revolutionary way to create currency.

In the past, we have always depended on governments to issue currency. They decided when they wanted to print and where they wanted to distribute money but with Cryptocurrency, the currency is distributed through the miners. In Cryptocurrency, it is a peer-to-peer network, so these miners are people who have created infrastructure.

They’ve bought computers, they’ve paid the electricity bill to then legitimize the transactions being done. So in the past, if I wanted to give you $1 USD, I would have $1 USD in my bank account and I would then write you a check and give you that check. And then you would put that check into your bank account and do with it what you wanted.

But with Cryptocurrency, there is no third party involved, there is no bank or government legitimizing the transaction. It is actually the peers that actual miners that are legitimizing these transactions. These miners are using specific software to solve and I’m just going to use air quotes here “math problems”.

And for their time and energy, they are issued Cryptocurrency, so these miners have a lot to overcome like I said they have to put time, energy and money into this infrastructure. These infrastructures actually create a lot of heat they have to deal with that as well.

We do have a Cryptocurrency miner here on our YouTube channel talking more about how he is creating his infrastructure and you can watch his videos for more information on that. But the basic concept that we need to understand here is that the transactions are actually being legitimized by the peers, by the people that are working on the currency in exchange for their time and energy.

That is how the currency is distributed. It’s distributed through the miners and that is one of the reasons why Bitcoin going on the futures market is so exciting such a big deal. I talked a couple of other reasons why it’s a big deal, but the fact that these miners would know that they are getting paid and they have that peace of mind. We don’t know what’s gonna happen, but it might bring more miners to the market.

And the more miners in the network, the more secure the network is. So, with Cryptocurrency that identity is disguised, but the ledger is transparent so, again it’s these miners that are you know going back and legitimizing by looking at this ledger. Of course, they’re using specific software and things like that to do this, but they’re the ones that are again legitimizing the transactions and then for their time and energy they are then given currency in that certain Cryptocurrency.

One of the things that I’m running into as I start this journey into Cryptocurrency as many people are saying Bitcoin or Cryptocurrency is a fraud which isn’t true. This is actually legit. It is not a is not fraudulent, but what is fraudulent is people that are trying to trick you out of your Bitcoin. Just to be clear, we do have this peer-to-peer network that like I said, these miners are legitimizing the transactions. But there is no government involved. There is no banks involved and because of that, there is this room for fraud and people again maybe have a misconception of why or how that all works.

Hopefully, this video is gonna explain a little bit more of that to you. So today’s subject we were talking about Cryptocurrency miners. Another little aspect to my videos, I want to add ways that you can find peace of mind but also find ways to reduce your stress and anxiety through just maybe some little tidbits. So like I said out of my yoga instructor, this is what I do full-time.

Today, I just want to talk specifically about reading. When you breathe through your nose, you send a calming response to your brain. But then when you breathe through your mouth, you actually send a flight response to your brain. So as you go through your day today, just recognize those times when you’re breathing through your mouth and see if you can close your mouth and breathe through the nose.

Hopefully, that will help you get through your day. Again, I want to thank you all for watching these videos and please comment below if there are any certain subjects that you like me to go over. Thank you for your support. Again, thank you to the current Cryptocurrency market team for their support and for sharing these videos with you. Have a great rest of your day I’ll see you all soon. Bye.

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