Bitcoin is not only the name of a digital currency but also an open payment system. With Bitcoin, you can send money - bitcoins - to anyone on the internet with no middle man. Bitcoin transactions are secured by military-grade cryptography and processed within minutes on a public network that doesn't discriminate against participants or transaction size. For further details visit https://bitql.org/.
BTC as Internet Cash
Bitcoin is often called "Internet Cash" because it's similar to paying someone with cash over the internet. Bitcoin works anywhere all the time.
Bitcoins are digital coins you can send through your computer or smartphone without needing to trust any third party for security. Bitcoin transactions are irreversible once broadcast onto the blockchain, so sellers don't need to worry about receiving fake BTC payment confirmations.
You're probably wondering how Bitcoin works under the hood. Bitcoin is different from what you know and uses every day. Before diving into Bitcoin, it helps to first understand some basic background information. Bitcoin is like the Internet of money - a network of devices (computers, smartphones) connected to the Bitcoin network that exchange bitcoins with each other.
This is how Bitcoin works: Bitcoin wallets store private keys, secret codes that allow you to spend your bitcoins on their own or give them away! Many people have more than one Bitcoin wallet because they sometimes need to send money between their wallets rather than sending an entire payment through each time.
When someone wants to spend his/her bitcoins, he/she uses a private key to sign a transaction and broadcast it onto the network. This transaction states how bitcoins are being spent, the number of bitcoins being sent to another Bitcoin address, and where they are coming from. These transactions are signed with a hash function which prevents alteration by anyone once it's been broadcasted. That means these transactions can be trusted as valid since it's impossible for someone to replace what you're sending with something else without knowing your private key!
The Bitcoin network is made up of devices running the Bitcoin client that all follow the same protocol to validate Bitcoin transactions. The Bitcoin client has more than one core component; each of which provides different capabilities to the system.
First, there is bitcoin, also called Bitcoin Core, which maintains a full copy of the transaction ledger (the blockchain), provides wallet functionality, and allows users/applications to interact with the Bitcoin network. Bitcoin Core uses a database called LevelDB which is optimized for fast key-value operations and parallelized data access across multiple CPU cores. Bitcoin nodes also need port 8333 open so they can accept incoming connections from other Bitcoin nodes communicating over the peer-to-peer bitcoin network.
The second core component, bitcoin, helps manage shared settings and provides command-line utilities that allow you to send Bitcoin protocol messages over a secure connection to another network device. For example, if you use Bitcoin Core as your wallet program, it will communicate with remote Bitcoin nodes using TCP port 8332 only when configured to connect through Tor.
Bitcoin transactions are validated by something similar to Proof-of-Work in commodity hardware. Bitcoin is based on a secure memory hierarchy and parallel transaction validation, which makes it difficult and expensive to produce an alternative chain with more total work. (See the Bitcoin whitepaper.)
Although Bitcoin has been around since 2009, very few people use Bitcoin for everyday transactions. Bitcoin ATMs aren't found on every corner like traditional ATMs - yet! Bitcoin can be used by almost anyone in any country because Bitcoin is an open payment system that requires no permission from anyone (such as a bank or government) to participate. The Bitcoin network consists of thousands of computers run by normal people all over the world that are voluntarily running 'mining' programs solving math problems in exchange for bitcoins.
Bitcoin mining was designed so there would only ever be 21 million Bitcoin created. Bitcoin mining is necessary because Bitcoin transactions are irreversible and Bitcoin is designed to be a scarce system resource - only 21 million Bitcoin will ever exist, so Bitcoin mining helps with the distribution of new bitcoins as well as processing Bitcoin transactions by setting up 'blocks' on the blockchain.
Each block contains all transactions processed during that time frame; once each block has been solved (reached its maximum size limit), it can then be appended to the end of the chain of previous blocks which creates an unchangeable record for everyone who uses Bitcoin (the blockchain). One of Bitcoin's most innovative features is that this ledger containing every transaction ever conducted using Bitcoin is stored on every single device participating in the network!
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