1) Introduction
Simply put, Bitcoin is a completely digital currency that is independent of any banks or governments. It uses its own decentralized technology for securing payments and storing money.
Bitcoin (also written as BTC) is a decentralized virtual currency that was created at 2009 by an unknown person using the name Satoshi Nakamoto. Neither does it exist in the physical world nor does it have a central bank such as the Federal Reserve or the Bank of England. There are also a limited amount of bitcoins in the world, according to Bitcoin.org.
2) Fiat currency vs Crypto
While comparing fiat currencies to Bitcoin, it seems that Bitcoin does all the same things as your Dollar, Euro or any other fiat currency. Transforming bitcoin is faster and simple over the network, buying and selling goods and services are becoming more and more popular for bitcoin users and the technology of the Bitcoin includes key features that are based on encryption and digital signatures to ensure safety and security of the whole network. Same as the Dollar, Sterling or Euro, Bitcoins can be exchanged for other currencies at specialized currency exchanges. Bitcoin won the title of the “Online Money” by offering us fast, secure and borderless transactions.
Unlike other currencies that can be physically held, Bitcoins are virtual. There are no forms of physical coins or papers that can be made. Bitcoin users own keys which allow them to prove ownership of transaction in the bitcoin network. Those keys are often stored in a digital wallet in each users computer or another device.
3) Current status
It is working very well for the Bitcoin, gaining the position of the fastest growing payment system in the world. The peer-to-peer network (P2P) of computers are maintaining and replicate a public ledger of accounts referred to as the blockchain. The blockchain is the main reason why cryptocurrencies are here to stay. (Read more here: Understanding Blockchain).
The bitcoin network is nothing but a protocol backed by cryptography. Transactions are confirmed by participants of the bitcoin network through a process known as mining. The miner’s role is adding a real-time transaction to the blockchain, effectively verifying the transactions that are being placed in the network and forging them into the blockchain.
It might sound very complicated if that’s your first time, but after going through the beginner course, you will agree that it is actually very simple!
readbtc.com/course/i...coin-and-blockchain/
Simply put, Bitcoin is a completely digital currency that is independent of any banks or governments. It uses its own decentralized technology for securing payments and storing money.
Bitcoin (also written as BTC) is a decentralized virtual currency that was created at 2009 by an unknown person using the name Satoshi Nakamoto. Neither does it exist in the physical world nor does it have a central bank such as the Federal Reserve or the Bank of England. There are also a limited amount of bitcoins in the world, according to Bitcoin.org.
2) Fiat currency vs Crypto
While comparing fiat currencies to Bitcoin, it seems that Bitcoin does all the same things as your Dollar, Euro or any other fiat currency. Transforming bitcoin is faster and simple over the network, buying and selling goods and services are becoming more and more popular for bitcoin users and the technology of the Bitcoin includes key features that are based on encryption and digital signatures to ensure safety and security of the whole network. Same as the Dollar, Sterling or Euro, Bitcoins can be exchanged for other currencies at specialized currency exchanges. Bitcoin won the title of the “Online Money” by offering us fast, secure and borderless transactions.
Unlike other currencies that can be physically held, Bitcoins are virtual. There are no forms of physical coins or papers that can be made. Bitcoin users own keys which allow them to prove ownership of transaction in the bitcoin network. Those keys are often stored in a digital wallet in each users computer or another device.
3) Current status
It is working very well for the Bitcoin, gaining the position of the fastest growing payment system in the world. The peer-to-peer network (P2P) of computers are maintaining and replicate a public ledger of accounts referred to as the blockchain. The blockchain is the main reason why cryptocurrencies are here to stay. (Read more here: Understanding Blockchain).
The bitcoin network is nothing but a protocol backed by cryptography. Transactions are confirmed by participants of the bitcoin network through a process known as mining. The miner’s role is adding a real-time transaction to the blockchain, effectively verifying the transactions that are being placed in the network and forging them into the blockchain.
It might sound very complicated if that’s your first time, but after going through the beginner course, you will agree that it is actually very simple!
readbtc.com/course/i...coin-and-blockchain/
