Introduction to bitcoin

Photo by Dmitry Demidko on Unsplash

What is bitcoin?

Bitcoin is a crypto-currency that was first proposed by Satoshi Nakamoto after the economic meltdown of 2008. It proposed an alternative financial model to prevent inflation, central control over currency and a transparent financial scenario

Features Of Bitcoin

Bitcoin has various features that proves it more beneficial and useful over the conventional currency. They are:-

  1. Fast
  2. Secure
  3. Decentralized control
  4. Border-less
  5. Deflationary
  6. Peer-to-peer network

Bitcoin Protocol Stack

Bitcoin comes with a protocol stack that holds various protocols governing the bitcoin network. This protocol stack is available as an open source project thus making it possible for anyone to implement his/her own bitcoin client.

Bitcoin Mining

Just like conventional currency is printed in reserve banks, gold and silver are mined, bitcoin is also mined.

Security In Bitcoins

Security is a crucial element in any financial transaction. And with the decentralization of control, it becomes very important for the bitcoin network to be extremely secure.

Transactions in Bitcoin

Bitcoin is essentially virtual in all its aspect. It does not include any coins, neither physical nor digital.



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