Today I will be Enlightening us on the BITCOIN network..
TABLE OF CONTENT
Meaning of Blockchain
Meaning of Bitcoin Network
How does Bitcoin work
Unlike any other cryto currency, Bitcoin seems to be the biggest and most expensive of all the crytocurrencie.
A singule Bitcoin went from being worth £3,600 in March last year to more than £27,000 now.
As talk of the currency has gone global, the Bank of Singapore has suggested that the 12-year-old currency could replace gold as its store of value.
However, in October, the head of the Bank of England, Andrew Bailey, warned about the unpredictability of Bitcoin, saying it makes him, "very nervous".
With all this talk you're probably wondering - what is Bitcoin and how does it all work?
The subsequent paragraphs below have everything you need to know about BTC.
MEANING OF BLOCKCHAIN
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
Hence DataBase, A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information.
The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two researchers who wanted to implement a system where document timestamps could not be tampered with.
I would have loved to enlighten us more on Blockchain but that will be a topic for another day.
MEANING OF BITCOIN/BITCOIN NETWORK.
The Bitcoin Network is a peer-to-peer payment Network that operate on a cryptographic protocol.
Hence, Bitcoin is a decentralized digital currency without a central Bank or single Administrator that can can be sent from a user to a user on a peer to peer network
Without the need for intermediaries.
HOW BITCOIN WORK
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.
Bitcoin Core is free and open-source software that serves as a bitcoin node (the set of which form the bitcoin network ) and provides a bitcoin wallet which fully verifies payments. It is considered to be bitcoin's reference implementation .
Initially, the software was published by Satoshi Nakamoto under the name "Bitcoin", and later renamed to "Bitcoin Core" to distinguish it from the network .
Bitcoin Core includes; a transaction verification engine and connects to the bitcoin network as a full node.
Bitcoin has become increasingly popular due to its relative anonymity—which allows for legally-questionable purchases. But it can be used for every day, legal purchases as well. Via gift cards and “wallet” exchanges, you can buy items for Walmart or Amazon, and even buy discount plane tickets. The cyrptocurrency is also quickly becoming a mainstream investment option—one that the average investor has to take note of.
Bitcoin is so broad that this write-up cannot contain all but above is what is needed to know About BITCOIN.
Thanks for reading. @distinction001
Thanks for your support.