Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology. In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Bitcoin has now a global brand because of how everyone recognizes it even if they don’t really know what it is.Added to that, Bitcoin also has the largest market cap and liquidity pool which is why many find it to be the most attractive coin out there. Bitcoin summed up· Bitcoin is a decentralized digital currency operating with no type of central control nor oversight from banks or governments, relying solely on its cryptography and peer-to-peer software.· A public ledger keeps track of all transactions by recording them. Copies are then held around the world on servers called nodes (which anyone can set up) and consensus is thus achieved on the state of the network.· Every single transaction is broadcasted publicly to the network and then shared between nodes. Miners lump these together into groups called blocks and add them permanently to the blockchain, Bitcoin’s definitive account book.· May 22 is known as the Bitcoin Pizza Day, marking the anniversary of BTC’s first official commercial transaction with a real companyHow Does Bitcoin Work? Bitcoin is a completely neutral and decentralized asset which means no one is controlling it (no bankers or oligarchs pulling strings behind the curtain), and no central entity can issue or back it. Nonetheless, Bitcoin has been recognized as legal tender in El Salvador and as it makes its way into our every day lives, other countries might soon follow suit. Bitcoin uses cryptography to assure its safety and reliability. Bitcoin transactions are verified by a process called mining which basically runs on computing power to solve mathematical puzzles. When trading Bitcoin its name is often abbreviated as BTC. What is a Blockchain Bitcoin’s system can be… Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news… Share
