Bitcoin Value became the world’s first decentralized cryptocurrency in 2009. It is the world’s first free market global currency, and offers much more than standard currencies.First things first — Bitcoin is a digital or virtual cryptocurrency that can be exchanged between people or businesses that accept them.
Bitcoin Value decentralised — which means no bank or government controls or regulates it, or even facilitates its transfer. It is transferred person-to-person. Hence, decentralized.
It is a unique way of storing and recording bitcoin’s transactions, and is arguably bitcoin’s biggest contribution to our world. It’s very much like a traditional database, except that the blocks are linked together cryptographically in sequence. Each and Every block in a blockchain contains some information. The sequential linking, or chaining, is done via a digital signature. There is a new information is added, the length and complexity of the blockchain increases, and the database gets bigger and more people becoming a part of it.
- It’s make sure the blocks are tamper proof, and that no one can ‘fake’ a transaction on the blockchain, bitcoin requires all computers connected to its network to ‘verify’ and decipher these blocks. Since information is publically visible, if someone makes an unauthorised change, everyone else in the chain can see where it happened, and agree by majority on whether the change is valid or not.
- Thus, the blockchain is a distributed ledger — it allows us to produce a tamper-proof records of transactions on the network and very similar to how an accounting ledger works, but Bitcoin Value the idea behind the distributed ledger is we get rid of the middle man. Everyone can have an identical copy of the distributed ledger, and this database of assets is shared across multiple sites.