Destiny Of The Future

How does  Bitcoin  work? This is a question that often causes confusion. Here's a quick explanation! The basics for a new user As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once. Balances - block chain The block chain is a  shared public ledger  on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block c

A Short Introduction to Bitcoin Bitcoin  is a  peer-to-peer   payment system  and  digital currency  introduced as  open source  software in 2009 by  pseudonymous  developer  Satoshi Nakamoto . It is a  cryptocurrency , so-called because it uses  cryptography  to control the creation and transfer of money. Users send payments by broadcasting  digitally signed  messages to the network. Participants known as  miners  verify and  timestamp  transactions into a shared public database called the block chain, for which they are rewarded with transaction fees and newly minted bitcoins. Conventionally "Bitcoin" capitalized refers to the technology and network whereas "bitcoins" lowercase refers to the currency itself. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies. Bitcoin is just Virtual currency the above mentioned picture is just imaginary... Thanks for Visiting ....  Source: Wikipedia