A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies. It is useful in record-keeping, among other things.

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19-12-2022
Business

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A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies. It is useful in record-keeping, among other things.

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Tutorconsortium431 Tutorconsortium431 · Answer 1 · 2022-12-24T04:37:59-05:00

In computer or blockchain systems, a consensus mechanism is just a fault-tolerant technique that is used to obtain the required consensus on a single data item or a single state of a network across distributed operations and multi-agent devices, such as with bitcoins.

How does Bitcoin generate revenue?

By successfully verifying blocks and receiving rewards, the Bitcoin community of miners generates revenue. Through cryptocurrency exchanges, bitcoins can be converted into fiat money and used to purchase things from businesses that accept them.

Are Bitcoins accepted by banks?

Many people consider bitcoin to be a danger to the established financial sector. Surprisingly, though, some banks welcome cryptocurrencies. Even buying digital assets is possible with several major institutions. This guide will outline your options, whether you're wanting to move banks or just want to learn if your bank supports cryptocurrency.

To know more about cryptocurrencies visit:

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