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Bitcoin & Blockchain Technology

Bitcoin & Blockchain Technology

September 28, 2018 9:02 am,

The bitcoin ecosystem is a decentralized system that thrives on bitcoin, which can be seen as a form of digital currency. Bitcoin uses public key cryptography to achieve the authorization. It works on a vast public ledger called blockchain. In this way, all users are aware of each transaction thereby ensuring security.

A bitcoin transaction has the following features:

  • Irreversible -no one can reverse a confirmed or verified transaction
  • Anonymity- real identity of the users are not connected to the wallet’s address which is the requisite thing in a transaction
  • Faster and global reach- transactions happen instantly all over the world
  • Secure and safe-a public key cryptography system keeps the funds under a secure lock
  • Permission less – there are no gatekeepers so anybody can bitcoin only through a specific software.

You can procure the your first bitcoin by the following means:

  • Cryptocurrency exchanges- where you can exchange your conventional currencies for bitcoin
  • A bitcoin ATM
  • A classified service where you can find a seller to purchase bitcoin for cash
  • Sell a product or services in exchange for bitcoin.

Bitcoins are stored in wallets that hold a private key with which the user can access his bitcoin address for transactions.  These wallets are available in five main types: Desktop, mobile, web, paper and hardware.

During a bitcoin transaction, the nodes scans the bitcoin network to validate whether you have the bitcoin that you want to transact and whether you  haven’t used it earlier. On confirmation the transactions gets noted in a block which is attached to the previous block. This can never be altered and hence guarantees security.

Unlike physical mining, bitcoin mining denotes that some amount of bitcoin eventually gets released released   from the stipulated reserve of 21million bitcoins by miners who have to solve complex mathematical puzzles for it. Currently bitcoin is valued more for being an investment asset as we are still the beginning of cryptocurrency revolution.

Bitcoins are widely accepted across the world in different areas such as hotel bookings, xbox games, furniture, gambling, etc. But, they are most popular in online gambling industry as there are numerous Bitcoin Casinos where you can play your favorite game with Bitcoins, you can get more information here.

Please check the following infographic on Bitcoin and Blockchain Technology, and share your thoughts.