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PostPosted: Wed Oct 25, 2017 7:02 am 
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How can you explain Bitcoin?


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PostPosted: Wed Oct 25, 2017 7:03 am 
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Invented in 2008 by pseudonym Satoshi Nakamoto, Bitcoin is a peer-to-peer payment network that allows instant transactions anywhere across the world without any involvement of central banks and governments. It is basically an online public distributed ledger that records each transaction done on the network securely. The blockchain of Bitcoin consists of numerous blocks. Each block is connected to other block through algorithms. No one can control the blocks as blockchain is decentralized.

When talking about the blockchain, it is explained as information archive that stores each transaction that is ever been made on the network. Using cryptology, these transactions are encrypted. Cryptology is basically a process of encoding transactions with complex mathematical problems. To mine or earn Bitcoins, a miner or group of miners need to solve the cryptographic problems in order to confirm the transactions. A set of transactions made a block and after adding a new block on the network successfully, a miner or miners get block rewards.

Bitcoin allows fast transactions with lower transaction fees across the world. These coins are not a tangible object, not physically exist, but a collection of unique codes. There are various methods of getting Bitcoin, including a wallet, joining a mining pool, through mining hardware, and by investing in cloud mining.


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