Bitcoin: what is it? An eight-step guide to cryptocurrency

Bitcoin is a form of electronic money (this is only a visual representation).
caption,

Bitcoin is a form of electronic money (this is only a visual representation).

Although we are all used to the idea of ​​digital currency – using and receiving money that is not physically in front of us – cryptocurrencies, such as Bitcoin, remain a mystery. bitcoin mining? How can we use the money in the future? And can we rely on cryptocurrencies at all? In this quiz we ask Dr. William John Knottenbelt, Director of the Imperial Colleges Center for Cryptocurrency Research and Engineering, for helping us better understand this type of mysterious currency.

Bitcoin is a form of electronic money. That means he has no physical shape. Instead, e-money devices are exchanged over a computer network that has some unique features: There is no central control point (there are no “banks”).

There is no central transaction warehouse (a central database that contains a record of all executed transactions).

Instead, it operates on a global network with thousands and thousands of nodes – a machine in a network such as a computer or other device – that processes and stores transactions together.

Leave a Comment