BITCOIN

riches-utoh (36)in #bitcoin • 6 years ago (edited)

Many people do not really know what bitcoin is all about and from my research,i have a little to share.
You ask yourself "what is bitcoin"

Bitcoin is often explained by comparing it to something specific people already know but it is often what creates a confusion.it is a new way of moving and saving money so that many people will refer bitcoin as "digital gold" because in some sense,it is similar to gold.

   ORIGIN OF BITCOIN

bitcoin was brought about by a person or group of people with the name "Satoshi Nakamoto".it has existed since 2009 and was the first established cyrptocurrency.the Satoshi Nakamoto designed the bitcoin in an open sourced manner and his real identity is unknown till date.

    HOW DOES BITCOIN WORKS???

Bitcoin has a wallet and the wallet can be setup on a personal computer or a phone .this wallet brings uo your first bitcoin addresa and more and this address can be given to family, friends and other people who wants to send or receive payment .Bitcoin uses a blockchain which basically shares a public ledger that allows bitcoin wallet to calculate the balances that can be spent and some verifications of new transactions.this wallet uses a secret data known as "private" which can be used for proofs to know that the transactions came from the owner.For this transactions to be confirmed,it has to be arranged in a block that uses stern cryptographic rules.

THE FUTURE OF BITCOIN. .
Inspite of some ups and downs over the years,bitcoin is still floating round as a second choice or should i say "an alternative currency" which may just represent the future of money but many still believe that the future is bright.
There are many reasons for the potential of bitcoin and the reasons are point firstly to foreign countries turning bitcoin to their own and such a maneuver is a long shot in any national economy.people begin to invest in bitcoin so that they could access their accounts when and how the felt like.

Presently,some concerns and opinions have been raised that "energy cost of cyrptocurrency is undoing" .blockchains have large potentials to disrupt all kinds of transactions :while bitcoin's future remains,there is no sign of logical reason for blockchain growth to be held back..