What is Bitcoin? How did it come about?

termal (25)in #bitcoin • 7 years ago

Bitcoin is a decentralized, virtual currency that uses Blockchain technology. The points I have mentioned in the definition are some of the features that make Bitcoin so important and valuable. I will refer to these topics later in the article.

The question of how bitcoins are created and by whom is generally a matter that confuses people's minds. As a matter of fact, unlike other crypto currencies, it is not known who created Bitcoin. In 2009, Satoshi Nakamoto was unearthed by the nickname or nickname. From 2010 onwards, it keeps its privacy by withdrawing from the market. In the news made by the BBC in 2016, it is suggested that Craig Wright is an Australian business man named Satoshi Nakamoto.

On the other hand, the fact that Bitcoin's creator is not fully known can benefit Bitcoin. Because it is closed to speculation. Ethereum, another crypto currency in this regard, suffered a shortage in the near future. The idea of the death of Vitalik Buterin, who made up the Ethereum, has even left the value of Ethereum at an instant.

Bitcoin does not have a proprietor. Anyone who makes bitcoin mining is considered to be the owner of Bitcoin. With technical terms Bitcoin is a decentralized crypto currency. For this reason, it continues its existence through Blockchain technology without being subject to any additional fee and direction.

Because it is open source code, reliability and transparency are high. It is currently run by the Bitcoin foundation.

Blockchain is basically a distributed account book. Each person who belongs to the system keeps the record by confirming the transmission made by two people in the system. In this case, we send money directly to the person (Peer to Peer). This submission is officially approved by the miners in the system. In this way, the person is allowed to send to the person, and the transmission is approved without the need of the intermediary institution by the majority of the persons in the system

In Blockchain technology, every data in the system is protected by encrypting it with a hash. Each hash created creates a Block. When we create connected Blocks, we create a Blockchain. We are trying to create a hash with a specific feature for the software created by Bitcoin. This is the bitcoin mining of the mentioned feature and the hash creation process which contains the information that you send your money inside.