MASTERING BITCOIN AND BE RICH. with Free Ebook!
MASTERING BICOIN
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| Bitcoin |
Bitcoin is a collection of concepts and technologies that form the basis of a digital money ecosystem. Units of currency called bitcoins are used to store and transmit value among participants in the bitcoin network.
Bitcoin users communicate with each other using the bitcoin protocol primarily via the Internet, although other trans‐ port networks can also be used.
The bitcoin protocol stack, available as open source software, can be run on a wide range of computing devices, including laptops and smartphones, making the technology easily accessible. Users can transfer bitcoins over the network to do just about anything that can be done with conventional currencies, including buy and sell goods, send money to peo‐ ple or organizations, or extend credit.
Bitcoins can be purchased, sold, and exchanged for other currencies at specialized currency exchanges. Bitcoin in a sense is the per‐ fect form of money for the Internet because it is fast, secure, and borderless. Unlike traditional currencies, bitcoins are entirely virtual.
There are no physical coins or even digital coins per se.
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| Bitcoin Logo |
The coins are implied in transactions that transfer value from sender to recipient.
Users of bitcoin own keys that allow them to prove owner‐ ship of bitcoins in the bitcoin network. With these keys they can sign transactions to unlock the value and spend it by transferring it to a new owner. Keys are often stored in a digital wallet on each user’s computer or smartphone. Possession of the key that can sign a transaction is the only prerequisite to spending bitcoins, putting the con‐ trol entirely in the hands of each user.
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