bitcoin

How much do you know about Bitcoin?

If you are new to the world of digital currencies and want to know about Bitcoin, then you are in the right place. In this article, we are going to discuss about Bitcoin. Click here to know about bitcoin price.

A technological currency

Bitcoin uses a totally decentralized network in that it uses peer-to-peer(Peer to Peer) and that it does not, in fact, depend on any central authority. The Bitcoin protocol originally aims to provide an experimental alternative to online electronic payment. The unit of account has eight decimal places and it is written bitcoin. It works with software that allows users to create payment email addresses that can send or receive bitcoins. Its code is completely open since it is Open Source, it allows a universality of the supports, but can also pose problem during the updates. Bitcoin is therefore a new protocol for making payments online, but also a new store of value. It is this new protocol that makes it so interesting because it promises a lot of future innovations.Visit this site to know about bitcoin price.

bitcoin

An immaterial currency

Bitcoin is totally immaterial. The possession of bitcoins can only be expressed immaterially by sequences of numbers and letters that are in a portfolio. Portfolios consist of addresses to receive bitcoins. Each wallet holds a certain amount of bitcoins that is searchable by everyone on the block chain. On the other hand, the bitcoin issue requires the private key coupled with the public key that serves as the address. The keys can be stored in any way (USB, CD, paper, head …) because of their nature which is a series of numbers and letters.

A clear currency

The bitcoin is decentralized; its good functioning is entrusted to all its users. It self-regulates through exchanges on marketplaces. All the exchanges are visible on the blockchain, so that its anonymity is relative (pseudonymous). If you have bitcoins and are linked to your public address, you are therefore identifiable. To be a Bitcoin holder, you must have obtained them either by someone or by monetary creation. Monetary creation is done through the mining of bitcoin. The way is to buy bitcoins from someone on an exchange platform or in real life, or to be paid in bitcoins for a service or a good.