Bitcoin a Cryptocurrency

The most popular cryptocurrency is bitcoin. This system was created by Satoshi Nakamoto. It is not known if Satoshi really exists or is referring to a group of people who brought about the use of Bitcoin.

 

 

 

 

 

To understand further how Bitcoin works, it grants its users to generate a Bitcoin wallet. The users automatically become the owner, guardian, and maker of the Financial instrument. The wallet is where the users save their bitcoins. This is also where Bitcoin mining is performed. compare to real money, Bitcoin Mining is a process wherein the verification of amounts to be transferred takes place. It is where a user transfers a cryptocurrency to another account. An encryption process takes place which is then registered in the blockchain. Just like when you log in to any site, each bitcoin wallet has its own password and numbering. Confidentiality is dependent on its user. Bitcoin does not disclose the identity of the wallet’s owner since only their wallet number is the one available. This is one of its critical points because one is not able to identify the real user compared to the traditional banking system.

Posted by Lyndsey Annabel