You have heard about this term Bitcoin. Everyone wants to earn Bitcoin. So, what is it? Actually, Bitcoin is a type of digital currency in which records of transactions are maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates of a central bank. It is a Worldwide Digital Currency that is decentralized and not controlled by and goverment or institution. It is a decentralized currency that exists through a cloud-network known as Blockchain
The Blockchain is a transparent LEDGER of all transactions that ever occur on the Bitcoin network. Bitcoin is open-source, which means anyone can view the source code. Bitcoins are saved downloaded digital wallets, either in the user computer or in a cloud location, with transactions verified by a global network of computer users. Bitcoins are created through a process known as mining, essentially trading comuting power for the currency value. Bitcoin is secured through public key cryptography, using Elliptic Curve Signature Algorithm (ECDSA).
It is an inovative Internet Protocol that enables value to be transferred over a communications channel. Transactions are made with no middlemen so that anyone can transfer money anywhere in the world without using any centralized service like a bank or paypal.
When and who created Bitcoin?
Dorian Satoshi Nakamoto, Founder of Bitcoin
Bitcoin's first public appearance was in January 2009, when an unknown person or group under the pseudonym Dorian Satoshi Nakamoto released the open source code for the software. Bitcoins are created as a rewarad for a process called mining. They can exchange other currencies, products and service. Bitcoin is the first inplementatin of a concept called "cryptocurrency", which was described in 1998 by Wei Dai
First Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Dorian Satoshi Nakamoto.
What is Smart Contract?
For Particl, Bitcoin provides the ideal mix of smart contract functionality- enough to make smart contracts easy to implement but without the security and privacy risks of a more complicated platform like Ethereum. Smart Contracts Overview. A smart contract is an agreement that can be enforced through a blockchain. Smart contracts are contracts that use software (usually a web/mobile app) and protocols to facilitate, verify, or enforce the negotiation or performance of a contract eliminating any third parties/laws.
Similar to any other blockchain transactions, smart contracts too are nearly impossible to tamper with. The contracts deployed on a blockchain are immutable, meaning that once they are on the blockchain, they become final and the address and the code can’t be changed or modified.
If you read the blog then destroy the like button and I choose one member randomly who clicked on the like button and he will get 5$ giveaway so don't forget to like
|=
