User:Renemthomas/sandbox

Bitcoin is a cryptocurrency an innovative payment network which acts as a digital money. The blockchain is the technology behind cryptocurrencies like bitcoin. The blockchain is a decentralized and distributed digital ledger of all transactions across peer to peer network where it acts like a  key that will enable every human being to be connected to this network and conduct business with each other in more transparent and secure way without involving an intermediary. bitcoin in simply facilitates secure online. transaction.

Creation

In 2008, the Satoshi Nakamoto the man behind bitcoin published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. He wasn't the first one who invent electronic cash system but 1980's onwards this digital cash system has existed. in 2009, Nakamoto introduced bitcoin cryptocurrency.By the end of  2016 bitcoin become one of an inevitable digital money scheme.

Why Bitcoin?

We all are living in a world where everything is in a digital form. It could be your WhatsApp messages, booking an air ticket, purchasing your favorite book online or simply sending an email. Attaching an image from your desktop and share it with a friend via email is just as simple as it is. You never need to worry about data loss or anything like that since the copy of your image is already existed in your system and you can reuse it whenever you want to. But what if instead of your image you need to transfer some money to your friend. Now we have to think about trust, availability, and transparency. The term trusted intermediary now matters. The blockchain is a key that will enable every human being to be connected to this network and conduct business with each other in a transparent and more secure way without involving n intermediary. Potential applicants include fund transfers, setting trades, voting and many other uses. To transfer money online with a high degree of security and transparency bitcoin can be used. It's the most powerful digital currency.

What is Bitcoin?

The bitcoin is what cannot be modified by any party, it is coded in a way that prevents fudging the data, where that data is bitcoin quantifiers. Which means information can be transmitted through huge networks like supply chain and be added to by users on networks without compromising security. A block of data is a permanently recorded set of data for say financial transaction. The data is first hashed, and represented in a compact format where it could be easily compared for any changes. Any small changes in the data completely change the hashed version which makes comparison super easy. Then the hashed data is encrypted. A private key allows the producer of the data to encrypt the data and serves as a digital signature whereas a public key allows everybody else with the key to decrypt it. Then the blocks of data are connected to each other which means chained. So each block contains its own data and hashed version of the data of the previous block in the chain. This means that changing data and the tampering would become evident.