Avoiding One of the Scams in the Bitcoin Industry

Its important to understand what the blockchain is, to avoid many forms of scamming. Compare the image of an old fashioned shop using a paper ledger to record their daily transactions, with the Blockchain. Also compare each new entry into the ledger, with the individual blocks on the blockchain. With many scams, there are 2 important very common components to look at – Rate of Return – the scammers promise high profits to get you to buy their Cryptocurrency products. But they don’t show proof of work. I.e. The blockchain is created by mathematical problem solving, and we call this mathematical problem solving, the Proof of Work (PoW) With PoW, bitcoin miners whose specialised computers verify transactions on the network, and they get paid to do that. With POW each transaction or ‘