Nowadays, we want to do things online. It could be:
• Shopping for new stuff
• Learning new courses
• Getting jobs and part-time works
• Watching movies and shows
If we want to do the former, we could use our debit cards and credit cards. We could also have PayPal accounts or the BTCoin. The latter is something developed by Satoshi Nakamoto, a Japanese, in 2008 and launched it into the market in 2009. Here are some of the things that you should know about Nakamoto’s creation.
A. The BTCoin description
This open-source software that is based online allows the owner to keep record of the transactions with its own currency which has the same name as the software. Many people have called it cryptocurrency and digital currency because of its status as a decentralized currency which means that it is administrated from peer to another peer.
The main feature of this software is that it keeps a public record through its own ledger (a computer file that records economic transactions like an account info or payroll). There is no central authority governing the negotiations that is happening and mining is decentralized and minimized. The many intermediaries exist by the several computer servers that have installed the software. It then allows the broadcast of any transaction that will take place which is usually in the form of “A pays B an amount of C bitcoins.”
C. Being anonymous
Bitcoin allows a person to be anonymous whenever doing transactions; hence, any monetary exchange will not be linked to company or individual. For people who do not like being labeled, this is a good thing as this is definitely more private than credit cards and debit cards.
In the real world, a wallet is something wherein we keep our money and bills. This could be applicable to bitcoins; however, a more appropriate way of describing white wallets would be the place wherein digital credentials are stored. This is because the software uses a public-key cryptography wherein two copies are made: one private for you to keep and another one for the public to see.
Transactions involving bitcoins are moved to a permanent address which is a place wherein new sets of combinations of strings and numerical characters are derived. This would be created from encoding scheme and hash functions. This acts as a safety net for the owners as they are the only ones who would receive a valid payment message. The owner will also receive a corresponding signature pass of some sort that will verify the payment.
However, when the private key or the signature pass is lost, this will result to drastic changes because someone can manipulate your accounts and extort cash from your white wallet.
Aside from that, bitcoins could also be lost and this could happen on some circumstances such as discarding a hard drive. However, they could also be found.
Download this software now and get use bitcoins for your transactions and billing payments.