A Beginner's Guide To Bitcoin & Blockchain Technology

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A Beginner’s Guide To Bitcoin & Blockchain Technology

Published on: July 5, 2018

Didn't catch the wave of Bitcoin and blockchain? Our handy infographic will help you out!

First up: What is Bitcoin?

Bitcoin is a decentralized digital currency. Bitcoin was invented in the year 2008 and is the first ever cryptocurrency. It was published as an open source in the year 2009. The bitcoin was at first published with an alias Satoshi Nakamoto, the identity of Satoshi still lies in darkness until today. Bitcoin can be even used in its smallest values as mBTC (milli Bitcoin – 1/1000) and Satoshi (1/100000000). Bitcoin works on a peer-to-peer networking system where the whole transactions take place only between the users without any central authority interference.

How is Bitcoin related to the Blockchain technology?

Blockchain is a digital public ledger, used to record all the transactions made with cryptocurrencies. It is a data structure and blockchain has a number of blocks which are hashed blocks. This technology lives in a state of consensus, all the transactions of the blockchain are made between the users without the interference of any external factor as banks or financial institutions. Blockchain stores the transactions in a safe and secure pattern using cryptography encryption. There are 3 types of blockchains as public, private and consensus blockchain.

For a closer look at Bitcoin and the Blockchain, check out the infographic below:

 

Infographic via Bitcoinfy

 

 

 

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