All About Bitcoin
Bitcoin technology is payment system which uses peer to peer technology it was first described in 2008 by Satoshi Nakamoto and on 3rd January 2009 it is introduced as open source . All the payment is “public ledger” means there is an account book of final entry in which business transaction are recorded. It uses its own unit of account called as Bitcoin . Nobody controls and owns it, it works without central repository. It is a decentralized virtual currency and often called by media as a “cryptocurrency” or digital currency”.
It gives users three of the existing features “worldwide payments”, “zero or less processing charges” and “instant peer to peer transactions”. Bitcoins are often used in exchange for products, fiat money (paper currency made a legal tender) and services. They can be easily access by wallet based software on mobile devices like cell phones, laptops, tablets for sending and receiving bitscoins electrically.
Merchants readily accepts this digital currency as it has offers higher productivity and because its fee is 2-3% lower than typically imposed on credit care processors. All the transfer done by bitcoin is recorded in computer file which can be examined by everyone called as Block Chain Ledger. Maintenance of the block chain is called mining. Miners are responsible for processing payments after verifying each transaction and add to the block chain.
To perform transaction a wallet which store digital credentials of your bitcoin. This technology uses “Public Key Cryptography Algorithm” in which there are two keys one is public key that contains account number or name and another one is private key holds ownerships credentials.
The European Banking Authority has warned that bitcoin lacks consumer protections.
A transaction done by bitcoin permanently transfer ownership to a new address, number of string are derived from public keys by the application of an encoding and hash function scheme.
The security of the public key is a matter of concern, loss of the public key may result in loss of authenticity and confidentiality .We can reduce risk by generating public keys offline and saving them on external storage..
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