Concepts of blockchain-technology

Phase 1-Knowing Bitcoin and The Chain of Blocks

Bitcoin is a peer-to – peer payment system, commonly known as the virtual currency or electronic money. It provides an alternative to brick and mortar banking of the 21st century. Exchanges are rendered by e wallet apps. The bitcoin has essentially subverted the conventional banking system, thus working beyond the controls of the government.You can learn more at check it out.

Bitcoin uses state-of-the-art cryptography, can be distributed in any fractional currency, and has a decentralized exchange mechanism, is internationally in high demand, and provides some distinct advantages over other currencies, such as the US$. For one, the bank(s) or a government agency can never garnish or froze that.

Back in 2009, you would have turned a thousand dollars into millions if you waited only eight years, when the bitcoin was worth ten cents a coin. The number of bitcoins on sale is limited to 21,000,000. The total bitcoins in circulation at the time this article was published was 16,275,288, which means the number of all bitcoins “mined” was 77.5 per cent. Back then. At the time this article was published the actual value of one bitcoin was $1,214.70 USD.

“Bit coin is fun and better than money” says Bill Gates. Bitcoin is a de-centralized type of monetary policy. There is no longer any need for any transactions to include a “trusted, third-party” You ‘re also removing the lion’s share of each transaction charge by getting the banks out of the equation. Moreover, the amount of time needed to transfer money from point A to point B is considerably reduced.

The biggest transaction ever to take place using bitcoin is $100.5 million. This transaction took place with limited fee’s in seconds. It would take days, and cost hundreds, if not thousands of dollars, to pass large sums of money using a “trusted third party.” This explains why the banks condemn people purchasing, selling, exchanging, moving and investing bitcoins violently.

It is estimated that only.003 per cent of the world population (250,000) possess at least one bitcoin. And only 24 per cent of the people know what it is. In a ‘blockchain,’ Bitcoin transactions are entered chronologically much the way bank transactions are. Meanwhile blocks are like single bank statements.