Topic: What is Bitcoin (Read 752 times)
Bitcoin is a decentralized ledger... It is a digital currency and will solve the cross border problem and will possibly disrupt every industry
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks!
Modern creation in modern times is bitcoin. This is virtual money. It does not control anyone. It is a lot more in trading. Very secure transactions and easy transactions. Bitcoin investment can be very beneficial.
To get the detailed information you must google it or watch some YouTube videos.
I strongly recommend you to read this page to gain more knowledge about Bitcoin.
https://www.coindesk.com/information/what-is-bitcoin/
https://www.coindesk.com/information/what-is-bitcoin/
Basic description:-
Bitcoin is a first digital decentralized cryptocurrency implemented in blockchain technology by unknown developer Satoshi Nakamoto in 2009.
Its called cryptocurrency because it is a digital currency secured by cryptography or mathematical puzzle.
Blockchain technology is a software which records all its trasactions in blocks serially with valid cryptographic signature. As it is stored like a chain thats why its called blockchain.
This is the basic description.
Bitcoin is a first digital decentralized cryptocurrency implemented in blockchain technology by unknown developer Satoshi Nakamoto in 2009.
Its called cryptocurrency because it is a digital currency secured by cryptography or mathematical puzzle.
Blockchain technology is a software which records all its trasactions in blocks serially with valid cryptographic signature. As it is stored like a chain thats why its called blockchain.
This is the basic description.
It is a digital cryptocurrency and is also a very popular currency.
Bitcoins also known as cryptocurrencies are the best currencies and are in great demand.
Bitcoin is a digital currency that can found in the crypto world and can be use as mode of payments for goods and services.Bitcoin is a financial savoir for some people like me.
If you want to know about bitcoin and blockchain and any thing about them,I will suggest you to search on Wikipedia.I know it's too boring but it's fruitful for you.
I think bitcoin is the currency of the future
Bitcoin is a digital currency that serves as a buying tool in VIP bitcoin or bitcoin wallet.
BTC prices can change at any time in because many people are scrambling to get BTC.
BTC prices can change at any time in because many people are scrambling to get BTC.
Bitcoins is a digital thing and uses block chains technology to pay online.
If you want to enter in the world of crypto you should now what is the basic needs to do when you enter to it, and im sure it really helps to you to understand the things that you want to know.
So i have a little info about bitcoin,bitcoin is decentralized on no one cant own it expect for investor,bitcoin has the power of blockchain bitcoin can change the payment system because it has the powerful transaction ,these are the basic info that i know.
So i have a little info about bitcoin,bitcoin is decentralized on no one cant own it expect for investor,bitcoin has the power of blockchain bitcoin can change the payment system because it has the powerful transaction ,these are the basic info that i know.
Blockchain is undoubtedly one of the most significant technological solutions in the 21st century that’s going to disrupt whole industries and make fundamental changes in the world we live in. This process is ongoing, we can see in many fields how blockchain takes out the power from the hands of traditional giants. Easy to see this process, but very hard to understand blockchain as a technology. In this article, we go through the basics and try to define this disruptive technology from an understandable perspective.
Professional explanation
Blockchain is a distributed ledger, which works on a proof of work consensus with 10 minutes block timing. When someone sends Bitcoin from one address to another, then the transaction gets into the so-called "Mempool". The miners, who act like nodes, select them and in the Merkle tree structure, with hashing process, transform them into one hash. The first miner, who verifies the transaction, receives transaction fee and a fix amount of Bitcoin as a reward. All the other nodes import the new block, and attach it to its chain end.
Understandable explanation
Blockchain is a technology, which contains all the transactions made on the network. There are several Blockchains out there, like Bitcoin, Ethereum, EOS and so on. Now, in this article, we will analyze the first ever Blockchain, the Bitcoin. The first (genesis) block was created by Satoshi Nakamoto who wrote the following message in the source code: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". Referring to the fact that Blockchain was created against the current financial system, as an answer to the economic crisis in 2008.
Blockchain works in peer-to-peer network, so it's decentralized, which means everyone can join the chain and everyone has the same permissions, possibilities to mine (At least theoretically. Nowadays, you cannot use your laptop at home to mine Bitcoin, because of the huge mining farms in China or Iceland.). Anyone who joins, act like a node/server. They are the miners, they and the developers are responsible for the operation. This is reason one (beside a lot others), why Bitcoin is better than banks. Your money is stored on all the servers, if a hacker would steal it, he/she should attack and hack 51% (at least) of all the nodes.
How does the Bitcoin transfer work?
Alice decided to make money with crypto, because she read in the New York Times it was like the Dotcom bubble. She creates a wallet, buy some Bitcoins and transfer it to his friend, Bob. Alice's transaction gets into the unprocessed transaction pool, into the Mempool. Transactions are waiting there for a miner to process them. Normally, it takes a few minutes, but we all saw in December 2017, January 2018 how overloaded the Bitcoin Blockchain was, so it took a few hours or even days. For processing the transactions, the miners receive transaction fee, paid by the sender, and the Coinbase reward (this is how the circulating supply grows). This is what we call proof of work. There are other protocols as well, like proof of stake.
Let's see how new blocks are generated
In case of Bitcoin a new block is created in every 10 minutes by a miner. In the example above, a miner selected Alice's transaction beside many others from the Mempool and put it in its block. For this, it must complete the hashing operations. Hashing is a cryptography, Mathematics exercise, which must be resolved by the miner to get the transaction key until the Root Hash is generated. This is what we call Merkle tree.
A block contains the following information:
Sender Address
Receiver Address
Amount - Block Hash
Previous Block Hash
Date of Transaction
Miners compete with each other for creating the blocks. When one of the nodes creates a new block, all the other nodes attach it to the chain's end and verify it. This why we call it a decentralized system.
Professional explanation
Blockchain is a distributed ledger, which works on a proof of work consensus with 10 minutes block timing. When someone sends Bitcoin from one address to another, then the transaction gets into the so-called "Mempool". The miners, who act like nodes, select them and in the Merkle tree structure, with hashing process, transform them into one hash. The first miner, who verifies the transaction, receives transaction fee and a fix amount of Bitcoin as a reward. All the other nodes import the new block, and attach it to its chain end.
Understandable explanation
Blockchain is a technology, which contains all the transactions made on the network. There are several Blockchains out there, like Bitcoin, Ethereum, EOS and so on. Now, in this article, we will analyze the first ever Blockchain, the Bitcoin. The first (genesis) block was created by Satoshi Nakamoto who wrote the following message in the source code: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". Referring to the fact that Blockchain was created against the current financial system, as an answer to the economic crisis in 2008.
Blockchain works in peer-to-peer network, so it's decentralized, which means everyone can join the chain and everyone has the same permissions, possibilities to mine (At least theoretically. Nowadays, you cannot use your laptop at home to mine Bitcoin, because of the huge mining farms in China or Iceland.). Anyone who joins, act like a node/server. They are the miners, they and the developers are responsible for the operation. This is reason one (beside a lot others), why Bitcoin is better than banks. Your money is stored on all the servers, if a hacker would steal it, he/she should attack and hack 51% (at least) of all the nodes.
How does the Bitcoin transfer work?
Alice decided to make money with crypto, because she read in the New York Times it was like the Dotcom bubble. She creates a wallet, buy some Bitcoins and transfer it to his friend, Bob. Alice's transaction gets into the unprocessed transaction pool, into the Mempool. Transactions are waiting there for a miner to process them. Normally, it takes a few minutes, but we all saw in December 2017, January 2018 how overloaded the Bitcoin Blockchain was, so it took a few hours or even days. For processing the transactions, the miners receive transaction fee, paid by the sender, and the Coinbase reward (this is how the circulating supply grows). This is what we call proof of work. There are other protocols as well, like proof of stake.
Let's see how new blocks are generated
In case of Bitcoin a new block is created in every 10 minutes by a miner. In the example above, a miner selected Alice's transaction beside many others from the Mempool and put it in its block. For this, it must complete the hashing operations. Hashing is a cryptography, Mathematics exercise, which must be resolved by the miner to get the transaction key until the Root Hash is generated. This is what we call Merkle tree.
A block contains the following information:
Sender Address
Receiver Address
Amount - Block Hash
Previous Block Hash
Date of Transaction
Miners compete with each other for creating the blocks. When one of the nodes creates a new block, all the other nodes attach it to the chain's end and verify it. This why we call it a decentralized system.
Ecли oпиcывaть Bitcoin пpocтыми cлoвaми, тo – этo aнoнимнaя плaтeжнaя cиcтeмa, иcпoльзyющaя oднoимeннyю вaлютy. Oнa иcпoльзyeтcя cиcтeмy блoкчeйн, кoтopaя oбъeдиняeт oпepaции в oднy бoльшyю cиcтeмy.
One of the very first questions everybody asks when you hear about cryptocurrency. So bitcoin is the first coin and has the greatest value. it is a digital currency that uses cryptography to verify and secure transactions. In summary, it is the safest way to send money online and it has a good market and value today.
All i know is bitcoin is a digital currency. I learn it from searching in google and watching youtube on how it works.
Bitcoin is a crypto currency use worldwide for payment in selected establishment...it was develop in 2009 by alias Satoshi Nakamoto...its price is not stable its always reclining and declining...
Can i tell me some thing about bitcoin and blockchain?
What is blocktime, blocksize and how effected of it to blockchain?
Bitcoin is a digital currency that was made in 2009 by Satoshi Nakamoto - this name is just an allias.What is blocktime, blocksize and how effected of it to blockchain?
Read more in this link below.
Source: http://money.cnn.com/infographic/technology/what-is-bitcoin/
Jump to: