Getting To Know Bitcoin In The World Of Cryptocurrency

In this day and age, with the rapid development of technology, more and more new things are being created, not only seen in terms of technological progress, in fact, even into virtual things. In this case, here we will raise a theme related to crypto currencies, one of which is Bitcoin.

What is Bitcoin (BTC)

Bitcoin (BTC) is a virtual currency that is included in the cryptocurrency category, Bitcoin was launched by Satoshi Nakamoto (pseudonym) since 2009 and is growing rapidly until now. Bitcoin is a virtual currency that began to be developed for everyday purposes as well as printed currency (Dollar, Euro, Pound sterling, etc.).

In the world of cryptocurrency, Bitcoin, which was introduced by Satoshi Nakamoto, was developed using the method as electronic money. Bitcoin is also designed using open-source software to produce a digit value named after its inventor, Satoshi. In Bitcoin it also uses a peer-to-peer network without centralized storage or a single administrator where the United States Department of the Treasury calls bitcoin a decentralized currency.

Unlike most currencies, bitcoin is not dependent on trusting a major issuer. Bitcoin uses a database that is distributed and propagated to the nodes of a P2P network to a transaction journal, and uses cryptography to provide basic security functions, such as ensuring that bitcoins can only be spent by the person who owns them, and never more than one time. The design of Bitcoin allows for anonymous ownership and transfer of wealth. Bitcoins - bitcoins can be stored on personal computers in a wallet file format or stored by a third party wallet service, and apart from that Bitcoin - bitcoins can be sent over the internet to anyone with a Bitcoin address.

Bitcoin's peer-to-peer topology and lack of a single administration make it impossible for any authority, any government, to manipulate the value of bitcoins or cause inflation by producing more bitcoins. Bitcoin was one of the first implementations of the so-called cryptocurrency (crypto currency?), first described by Wei Dai in 1998 on the cypherpunks mailing list. (Wikipedia)

How does Bitcoin work?

The Bitcoin network publishes a public ledger called the “blockchain”. This ledger records all transactions that have ever been processed, allowing computer users to verify the validity of each transaction.

The authenticity of each transaction is protected by a digital signature that matches the sending address, allowing all users to have complete control over sending Bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of dedicated hardware and get rewarded in Bitcoin for this service. This is often referred to as “mining”.

That is brief information about one of the most superior crypto currencies, namely Bitcoin (BTC). Hopefully the article above can provide meaningful enlightenment for all of us who want to try to enter and manage finances in the form of crypto currency.

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