Bitcoin: future currency?
Bitcoin is a type of currency designed digitally and is encrypted for verification of asset transactions, and to control the creation of currencies; The name given for this type of currency is Cryptocurrency. The famous currency throughout the world was developed in 2009 by Satoshi Nakamoto. This peer-to-peper electronic cash system is given a symbol of XBT for market use. As another currency, Bitcoin has its own unit system that switches from millibitcoin (0.001) to Satoshi (0.00000001).
Bitcoin design is very complex, but very reliable. First, one of the subjects asked about this problem is security. Believe it or not, Bitcoin is safer than ordinary currency. What is clear is that, it cannot be stolen physically, and although it can be stolen electronically, the following explanation will show you how difficult it is to do this.
I want to start talking about storing this electronic currency. The cryptocurrency wallet is basically the same as the tangible wallet where you save your money. Electronic wallets function as amazon or any website account where you save your credit card, except that in this case you will save money. The way you get this money is to set up the address when creating your Bitcoin account. This wallet has a hardware device that looks like a clicker where you will receive notifications about all types of transactions.
The way the wallet is built complement the transaction method. Transactions especially the same as today; Therefore, you exchange output for input. The way the traced currency is that blockchain broadcasts direct movement of money. Every time the payer sends Bitcoin to the recipient of payment, the transaction is registered in Blockchain. This blockchain is managed by currency programmers. To avoid duplication, transactions follow input and refer this to the previous output.
But safe transactions cannot do the whole work securing the currency, the need for human supervision. The currency is supervised by miners. What these people do is that they keep transaction records and through the system they are looking for inconsistencies. Blockchains are arranged by blocks, each block contains cryptographic hashes. Cryptographic hash is a series of data that can be tracked. This new block requires other work proofs to be accepted.