Bitcoin and blockchain technology enables anybody in the world to exchange values without central authority like government, bank, Credit card or money clearing company
What Is Bitcoin?
Bitcoin is a digital asset and a payment system commonly called cryptocurrency or internet money.
Bitcoin is also a decentralized means of tracking and assigning wealth or economic value. It is an open source software,
computer network, idea, community, movement, etc. It means, no person, company or country owns this network just like no one owns the Internet. It is a peer-to-peer system where users can transact directly without an intermediary.
Bitcoin is invented in secrecy by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto in 2008.
What Is Blockchain?
Bitcoin and cryptocurrency have its value derived from the technology behind it, the Blockchain, which avoid double spending and removes the need for a centralized third-party verification system vulnerable to hacking.
Blockchain is decentralize distributed database in the network of peers, with elements of smart contract, authorization, authentication, membership services...etc.
What Is Bitcoin Mining?
To understand Bitcoin and cryptocurrency, it is important to understand Bitcoin mining, which is the process by which bitcoins are created.
What Is Bitcoin Address?
A Bitcoin address is like a bank account. It is an identifier of 26-35 alphanumeric characters, that represents a possible destination for a bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. Like email addresses, you can send bitcoins to a person by sending bitcoins to one of their addresses. However, unlike e-mail addresses, people may have many different Bitcoin addresses and a unique address should be used for each transaction.
What Is A Cryptocurrency Wallet?
A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. There are a number of different types of wallets you can use including online, mobile, hardware, desktop, and paper wallet.