Bitcoin is a cryptocurrency. A cryptocurrency is a medium of exchange that uses strong cryptography techniques to secure the financial transactions and verify the transaction of assets.
How It Was Introduced To The World
Bitcoin software was released in January 2009 as an open-source code. The inventor of bitcoin, Satoshi Nakamoto, whose identity still remains unknown, state the reason for inventing bitcoin is to remove the third-party vendors that are traditionally required to conduct digital money transfers. Bitcoin is created, stored and distributed with the help of the technology known as blockchain computing.
What is The Use Of Block-chain Computing In Bitcoins?
Blockchain computing is a system that can contain an entire set of records within it. These set records are known as blocks. Blockchain computing is a very unique process in itself. It is so because the copies of the entire system can be simultaneously kept in several computer located anywhere. The records stored in a blockchain are completely reliable because whenever a new entry is made in a blockchain, the entire record is updated in every computer at the same time. This is the biggest advantage of using this technology with bitcoin.
Bitcoin can be used anywhere as long as you have an internet connection. Still some countries are not keen on using bitcoin within their borders. If you are also looking a way to convert 1 btc to usd then just open your internet browser and search for the conversion.