What is Bitcoin?
Bitcoin was first created in 2009 under the synonym Satoshi Nakamoto. The real identity of it’s creator(s) is not known, however the value of the digital currency speaks for itself. Bitcoin is the first ever decentralised currency, a fact which plays a big part in it’s ever increasing popularity. For generations, the global monetary system has been run and controlled by centralised banks, riddled with corruption, inflation, and most importantly, based entirely on debt. Bitcoin is not controlled by any organisation, bank, third parties. It’s controlled entirely by it’s users, transaction by transaction. Bitcoin allows users to quickly and directly transfer the digital cash to any address around the globe, without the permission of any third party.
How does Bitcoin work?
Every transaction (the block) is time stamped and added to the chain. Every other transaction is then added to the chain creating the blockchain. The chain and blocks are highly encrypted and each new transaction forms a part of a sophisticated equation spanning the entire chain. If one block were to be changed in an effort to double spend or change the values, the entire chain would be effected and the attempt would immediately be picked up on and rejected.
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