bitcoin is new currency created in 2009 by unknown person using alias Satoshi Nakamoto. Transactions made with no middlemen – meaning no bank! Bitcoin can use to book hotel on Expedia, shop for furniture Overstock, and buy Xbox game. But much of hype is about getting rich by trading it. The price of Bitcoin skyrocket into thousands in 2017.
Each Bitcoin is digital asset can tored at cryptocurrency exchange or digital wallet. Each coin represents value of Bitcoin’s current price, but you also own partial share of each currency. The smallest denomination of each Bitcoin called Satoshi, sharing its name with Bitcoin’s creator. Each Satoshi is equivalent to a hundred million of one Bitcoin, so owning fractional share of Bitcoin is quite common.
Blockchain: Bitcoin, powered by open-source code known as blockchain, create shared public history of transaction organize into “block” are “chained” together to prevent tampering. This technology makes permanent record of each transaction, and i
Private and public keys: A Bitcoin wallet contain public and private keys, which work together to allow owner to initiate and digitally sign transaction. It unlock central function of Bitcoin — securely transferring ownership from one user to another.
Bitcoin mining: User on the Bitcoin network verify transactions through process known as mining, designed to confirm that new transactions are consistent with other transactions that have completed in the past. It ensures that you can’t spend Bitcoin you don’t have or that you have
previously spent.
No one know what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia begun weighing regulations. Government concern about taxation and their lack of control over currency.
Many marketplaces called “bitcoin exchange” allow people to buy or sell bitcoins using different currency. Coinbase is the leading exchange, along with Bitstamp and Bitfinex. But security can be concern: bitcoins worth ten of millions of dollar were stolen from Bitfinex when hacked in 2016.
Bitcoins are store in “digital wallet,” in cloud or on user’s computer. The virtual bank account wallet allow user to send or receive bitcoin, pay for goods or save money. Unlike bank accounts, bitcoin wallets not insure by FDIC.
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