Bitcoin: what is it? An Eight-Step Guide to Cryptocurrency

image caption,

Bitcoin is a form of electronic money (this is just a visual representation).

Although we are all used to the idea of ​​digital currency – spending and receiving money that is not physically in front of us – cryptocurrencies, like Bitcoin, remain a mystery. bitcoin mining? How could we use the money in the future? And can we even trust cryptocurrencies? In this quiz, we ask Dr. William John Knottenbelt, Director of Imperial College’s Center for Cryptocurrency Research and Engineering, to help us better understand this type of mysterious currency.

Bitcoin is a form of electronic money. This means that he has no physical form. Instead, e-money units are exchanged over a computer network that has some unique properties: There is no central point of control (there are no “banks”).

There is no central transaction storage point (a central database that contains a record of all transactions performed).

Instead, it operates on a global network with thousands upon thousands of nodes – a machine within a network like a computer or other device – that process and store transactions together.

Leave a Reply

Your email address will not be published.