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Bitcoin- Its Definition and how it works? (Beginner’s guide)

 


Bitcoin was invented in 2008 by a group of people or a person Satoshi Nakamoto whose identity is still disclosed. At a very basic level Bitcoin is just a digital file or ledger that contains names and balances and people exchange money by changing this file. Majorly, this is the reason why in the latest economy articles nations have started accepting Bitcoin. Nations know the importance of Bitcoin and how it can bring growth to their states. The number of the amount transferred is not maintained by any government or banks and this is the reason it is decentralized. It is dependant on technology and not on people. 


Everyone can see everyone else’s balances and transactions. Anonymity is maintained through this since people can only see the transactions and not your other details. The transaction message that everyone receives consists of our account no., the receiver’s account no., and the amount transferred.  When a new account no. is created it comes with a key that is unique and mathematically impossible to decode. The only drawback is that the transactions record the details of both the party involved and the amount, not the time it was sent.  


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