In layman's terms, can anyone explain to me how miners generate Bitcoins and process transactions at the same time?

-2

I don't grasp how to the activities are tied together.

Capitalism Prevails

Posted 2014-01-03T20:33:49.467

Reputation: 127

Question was closed 2014-01-04T20:57:24.270

Answers

1

miners are like accountants that do accounting for a business. they run the software that does the maths to "verify" transactions are valid. these accountants (miners) are rewarded for their time / effort in creating new ledger pages (blocks in the blockchain), which they in turn need to verify transactions

ICE3X

Posted 2014-01-03T20:33:49.467

Reputation: 11