What is bitcoin
August 11, 2018
Bitcoin is a digital form of money (exists on internet) and it isn’t controlled or backed by a specific goverment or business.Instead the accuracy and the safety of network is backed by thousands of people/companies that use their computers (or specific equipment) to create new bitcoins and verify transactions.Anyone can do that as long as he has a computer and access on internet.
Anyone can see all the transactions and account balances on bitcoin’s blockchain.Blockchain is a list (or database better) which contains all the transactions and user balances from when the bitcoin was first created.No user names are revealed only numbers and some other details for the transactions/balances.
You can send/receive bitcoin from your wallet by using wallet addresses (similar like bank account numbers).Since there is no intermediary you are responsible for holding your bitcoins and type correctly the addresses when you send or receive (or else you will lose your money permanently).Public key is the similar to IBAN and private key similar to password.You never reveal you private key (password) to anyone since he will have access on you wallet.You can own a fraction of bitcoin such as 0.00000001 BTC (this is the official symbol).
I can write much more but i am still in process of learning too and i am not expert in any case just curious.I think this small article can be used as a starting point for someone totally new in the field who wants to know some very basics for bitcoin.
If you really want to learn much more please visit Mr.Antonopoulos youtube channel:
I don’t have any affiliation with him but he has devoted all his life for that purpose so he is much more knowledgeable than me.
Also i like to watch that youtuber/programmer too.I don’t have any affiliation either.
Of course do always your own research too.
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