How is that long string of characters in a transaction hash (TxID) generated?
Definition: Bitcoin uses SHA-256 to calculate block hashes and transaction IDs, and runs it twice (double SHA-256).
Why: Hashing is not encryption. Encrypted data can be recovered with a key, but hashing is one-way, so the original content cannot be recovered from the hash.
Mining $BTC is essentially repeatedly calculating SHA-256 hashes to find a result that meets the difficulty requirements. Current price: 77989.74.
The market is always unpredictable, so think ahead about what to do if your judgment turns out to be wrong.
#BTC
Definition: Bitcoin uses SHA-256 to calculate block hashes and transaction IDs, and runs it twice (double SHA-256).
Why: Hashing is not encryption. Encrypted data can be recovered with a key, but hashing is one-way, so the original content cannot be recovered from the hash.
Mining $BTC is essentially repeatedly calculating SHA-256 hashes to find a result that meets the difficulty requirements. Current price: 77989.74.
The market is always unpredictable, so think ahead about what to do if your judgment turns out to be wrong.
#BTC
