@soundmoney
8 months ago

How would you define Bitcoin?

4 0
Distributed peer to peer payment network, that's hosted on millions of computers around the world. This network is secured by bitcoin mining servers that process transaction. Every ten minutes a mining server wins a bitcoin reward for solving a complicated math problem.

That server (bitcoin miner), than collects a group of transactions and creates a transaction block. These transactions blocks are sent out to the rest of the computers on the network. When six other computers have confirmed the group(block) of transaction, they are considered verified.
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An electronic peer to peer digital cash, which isnt owned or controlled by any centralized agency like governments.
It is quite different than the money we use now, a.k.a. fiat currency (Like USD, JPY and all) primarily because it has an algorithmically pre defined fixed supply which can never be altered.

The records are maintained publicly, and are open to all, means anyone can see transactions openly on the blockchain, but they cant see exactly "Who transferred it", giving some sort of an 'open, but trusted anonymity'.


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The new definition of currency. Bitcoin is a currency but it is in digital for, this is really a good alternate to eradicate the poverty.This is a new revolution taking place. Bitcoin is the best, safe and secure digital currency which can be transferred in any part of the world in a fraction of second.
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Bitcoin  mining  refers to the process through which new Bitcoins are created and given to computers helping to maintain the network. The computers involved in Bitcoin  mining  are in a sort of computational race to process new  transactions coming onto the network
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Gold but digital
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Bitcoin is a virtual or digital currency built on crytography by myterious (and unknown) Satoshi Nakamoto. It is internet money.
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Decentralized Transparent Secure Open Source Digital Token
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A new Era which is not work under any politicians!
In short no more government chain because of blockchain 😉
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One world currency
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Bitcoin is cryptocurrency or electronic cash which is mined or earned by solving simple to complex task in a computer system.
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