Bitcoin
is a digital wallet/currency used as an online payment system. Thus, it can be
used without usage of a credit card or the bank. The users can transfer money
by peer-to-peer system (P2P) in a very efficient and easy way. It was invented
by Satoshi Nakamoto in 2008 and was released as an open source a year later,
2009.
It also
runs both on your computer or mobile phone, generating your Bitcoin addresses.
You can disclose your address anytime you want to make a transaction with other
person. Moreover, one of the interesting facts is that no one runs Bitcoin;
Bitcoin runs collectively by the users and all of the Bitcoin users are
managers. Bitcoin has this function called ‘blockchain’, in which records and
works as a public ledger of all transactions in the Bitcoin network.
In another
words, it is a shared public ledger that includes all transaction in records.
While confirming waiting transactions, the block chain includes mining process,
a distributed consensus system, to confirm and makes a chronological order in
the block chain, enforced with cryptography.
Explanation of the bitcoin and blockchain technology
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