<>Bitcoin is the most famous cryptocurrency in the world. In a 2008 white paper, an unknown author published an article under the pseudonym, Satoshi Nakamoto. The peculiarity of Bitcoin is that this currency is decentralized. This contrasts with traditional legal currencies such as the euro or the central bank-controlled dollar. The success of Bitcoin is that it does not like the central banks that were criticized during the financial crisis of 2007-2008. The maximum bitcoin issue limit is BTC 21 million to avoid the loss of monetary value. With Bitcoin, you can send money to recipients around the world in seconds without having to reveal your name. Also, Bitcoin has been accepted by some stores and merchants as a means of payment. However, most users use it for investment or investment.
How does Bitcoin work?
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Basic and safe Of course, you can buy and send bitcoin without knowing all the details of the bitcoin blockchain. It is essential to understand the term "bitcoin wallet." Bitcoin is kept in your wallet and can be sent to strangers, acquaintances, or stranger wallet addresses. When installing the wallet as an app on a smartphone, a wallet address will be created. This is similar to an account. To send money, you need to know their BTC wallet address.
Basics & Security
Of course, you can buy and send bitcoin without knowing all the details of the bitcoin blockchain. It is important to understand the term “bitcoin wallet”. Bitcoin is kept in your wallet and can be sent to strangers, acquaintances, or stranger wallet addresses. When installing the wallet as an app on a smartphone, a wallet address will be created. This is similar to an account. To send money, you need to know the recipient’s wallet address. Each wallet also contains a private key which must be kept secret. Don’t worry, as many wallet providers manage these keys for their users.
<>The Bitcoin blockchain is a digital decentralized account ledger in which all transactions with senders and recipients are recorded. The only thing is that the sender and recipient are not known by name but by the wallet address. The current account balance of each portfolio is recorded in the general ledger. Then users can only send or send BTC that is theirs. All active miners in the network have the same current version of the family ledger stored on their computer, and they agree with the current state of the family ledger. All transactions processed by the mining process are aligned and stored in encrypted blocks, then added to the blockchain.
Transactions via wallets
<>Bitcoins are stored in digital wallets called wallets. The transaction is carried out between the two wallets. Wallets are always made up of key pairs that go together, which contain public and private keys. The public key is also the address of your Bitcoin wallet, and you will need it for your friends and acquaintances to send Bitcoin. The private key is used to sign the transaction but will not be disclosed to other parties in the process. The signature proves that you are the owner of the wallet to which the bitcoins will be transferred. During the checkout process, the signed transaction will be verified and verified within 10 minutes. The owner of the wallet should always keep the private key secret. If hackers know both keys, they can loot your Bitcoin wallet. It is essential that the associated private key cannot be inferred from the public key.
<>In the decentralized Bitcoin network, participants (called nodes) must vote together to determine whether a transaction is valid. The rules that determine this rule are called consensus mechanisms. This decentralized process is called mining based on gold mining. Transactions are sorted in chronological order, then aggregated and stored in blocks. The block complies with the encryption rules, and the block is encrypted using a mathematical hash function. Each block contains references to all previous blocks. This will create a blockchain (=blockchain), and the last blocks cannot be edited. During the mining process, all active miners proposed solutions to cryptography’s mathematical operation, and miners were randomly selected. Known as proof of work, this process consumes a lot of energy but represents independence and freedom from censorship or manipulation security. Using BTC as a mining reward can reward the computing power of selected users.