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Showing posts from July, 2016

Bitcoin- A Brief Intro

Bitcoin is the brainchild of a person or group of people known under the alias Satoshi Nakamoto.  Bitcoin is a Cryptocurrency/Digital money, which uses Blockchain Technology.  Bitcoin is a worldwide payment system, which is the first decentralized digital currency. It is a peer-to-peer transaction system, which occurs between two users, without any intermediary. The transactions are recorded on a distributed ledger known as Blockchain. These transactions are verified by miners who are rewarded in Bitcoins (Bitcoins are actually created in this process and this process is known as mining). The bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the  genesis block in January 2009. Since then the blocks are added to the chain by other transactions. Where to store the Bitcoins? Bitcoin is not like physical currency to store in banks or in vaults. So in order to store the Bitcoins a wallet is used. A  wallet  s