What is Bitcoin?
Bitcoin is an open software, released in the year 2009, and is considered as the world’s first Cryptocurrency and is nothing but a digital currency that only exists electronically.
Bitcoin is decentralized, there is no supreme power or central authority to control the circulation of bitcoin. but, this platform is far from anarchy.
The entire process is simple and perfectly organized – Bitcoin users can make transfers through peer-to-peer network. All these transactions are noted on Blockchain, its a huge ledger. This helps in recording each and every bitcoin transaction.
The blocks in Blockchain is developed using a data structure which is based on encrypted Merkle Trees. This helps in identifying fraud and corrupted files. When a single file is corrupted in a chain, Blockchain prevents the damage of rest of the files in that particular ledger.
Bitcoin’s Blockchain is responsible for handling how many bitcoins are generated and where are they developed, than relying on Governments for creating new currency. Also, it has a track of where bitcoins are and make sure all the transactions are effective and accurate.
As of now, the number of bitcoins generated is 17 million, and the supply of bitcoins is not controlled by any government, the meaning is the supply is controlled by the design itself.
In recent years bitcoin has generated a great deal of attention across the globe. This first decentralized digital currency that is solely present in the digital domain has grabbed many eyeballs with its super functionality.
It is the first peer-to-peer payment network that is powered by its users and is not directly governed by the bitcoin gambling laws that cover the traditional forms of currencies or the fiat currencies or the traditional payment channels.
As an innovative payment solution and as the pioneer of digital currency, bitcoins has ushered in a revolutionary system that is faster, cheaper and anonymous. Inspite of its uncertain future, bitcoin is an interesting phenomenon that is worth describing.
Bitcoin is a virtual currency that is meant to be a medium of exchange. This implies that there’s nothing physical about Bitcoin that you can touch and feel.
Bitcoins have no physical embodiment; they are only rows of transactions and balances. When you “own” Bitcoin it means you own the right to access the record of a specific bitcoin address in the public ledger or the blockchain and send funds from it to a different address.
All bitcoin transaction starting from its inception are verified and executed via the network of users who are the most integral part of the bitcoin system by using the blockchain technology which is also referred to as a distributed, public, virtual ledger that records every single bitcoin tansaction.
Bitcoin is the first cryptocurrency i.e. a virtual currency that is secured by the state of the art cryptography. Bitcoin robust yet easily accessible technological system opens up digital commerce to the global population especially to those who are deprived of any credible financial infrastructure.
It is to be noted that unlike the fiat currencies, there is a finite number of bitcoin that is available for use. For bitcoin, there will be only 21 millions of them.
Women in Cryptocurrency?
The following infographic is all about the top 8 women in Cryptocurrency.
- Joyce Kim
- Perianne Boring
- Amber Baldet
- Jinglan Wang
- Jen Greyson
- Fahima Anwar
- Meltem Demirors
- Raine Revere
Original Article: https://mrbtc.org/bitcoin/