Post
Topic
Board Bitcoin Discussion
Re: What is bitcoin
by
abdillahzidan
on 14/10/2017, 13:04:43 UTC
   Bitcoin is a virtual or digital currency also known as crypto created by mysterious (and unknown) Satoshi Nakamoto. Bitcoin like any other currency, can be used to buy goods locally and electronically. However, bitcoin differs from conventional money because it is decentralized and completely independent. No institution controls the Bitcoin Network and is not associated with a country like the US Dollar. The entire network is managed by individuals and organizations called Bitcoin Miners. Bitcoin miners process and verify bitcoin transactions through mathematical algorithms based on cryptographic hash algorithms (hence the name cryptocurrency) SHA256
   Bitcoin is decentralized
There is no central authority that controls Bitcoin or its network of transactions. The miner community Bitcoin network, processing transactions. If any changes are made to Bitcoin by developers or developers using GitHub, a majority of 51% of the miners must approve it. This ensures that, in theory, no individual can steal a bitcoin or print (create)