It is a first decentralized peer to peer payment network which is controlled by the user ad on middle authoritive is responsible in between. Bitcoin was the first practical implementation triple entry bookkeeping system in existence.
Bitcoin is an innovative internet protocol that enables the value to be transferred over a communication channel. Once you have installed a bitcoin wallet on computer or mobile device, it will create your first bitcoin address and you can create more whenever you need more.
Blockchain is a shared public networks on which the entire decentralized distribution peer to peer bitcoin networks relies on. All confirmed transection are included in the blockchain so that the bitcoin wallet can calculate the spendable amount and new transaction can be verified.
A transection is a transfer of value between bitcoin address that get included used to digitally sign transcation to provide mathematical proof that they are valid. Bitcoin wallet keep a secret place of data called the private key.
A digital signature prevents the transaction from being altered by anyone once it has been signed. All transectioin are broadcast between user and usally being to be validated and confermed by the bitcoin network within a few minutes and mostly within an hour.
Who Created Bitcoin?
The first bitcoin specification and its proof was first published on 2009 by an pseudonym Satoshi Nakamoto. Since then the bitcoin community has grown expoentally ever.
The founder Satoshi Nakamoto often raised unjustified concerns because of a misunderstanding of bitcoin open source nature. The bitcoin technonoly source code is available to every one and any developer can use or modify the software code.
Who controls the Bitcoin network?
As such nobody controls the bitcoin network much like no one owns the technology behind email or the internet. Bitcoin transsections are being verified by the minors which has an entire industry and Bitcoin cloud mining options. While developers are improving the software interface as they can not force anyone because its open source and any one can choose any software as per there ease.
How does Bitcoin work?
From being a user perspective, Bitcoin is nothing but a mobile or computer program that gives you an option of personal wallet and enables the user send and receive the money.
All the transcation you do there is a huge behind the secen things goes on which we called Bolckchain. This chains of blocks contains every transaction ever processed which enables the user to see and verify the transections made in the past. Each transection is been protected by a digital signature based on your address therefore allowing all users to have a full control over bitcoins.
Hence, there is no fraud, no identifying information and no chargebacks that could result in theft. To know or learn more about bitcoin you can consult Kraken Customer Support Number or read our regularly updated blog.