WDS GREAT BITCOIN GRID

WDS GREAT BITCOIN GRID

Bitcoin is a form of digital cash that eliminates the need for central authorities such as banks or governments. Instead, Bitcoin uses a peer-to-peer internet network to confirm purchases directly between users.

Launched in 2009 by a mysterious developer known as Satoshi Nakamoto, Bitcoin BTC was the first, and most valuable, entrant in the emerging class of assets known as cryptocurrencies.

How does Bitcoin work

Each Bitcoin is a file stored in a digital wallet on a computer or smartphone. To understand how the cryptocurrency works, it helps to understand these terms and a little context:

Blockchain: Bitcoin is powered by open-source code known as blockchain, which creates a shared public history of transactions organized into "blocks" that are "chained" together to prevent tampering. This technology creates a permanent record of each transaction, and it provides a way for every Bitcoin user to operate with the same understanding of who owns what.

Private and public keys: A Bitcoin wallet contains a public key and a private key, which work together to allow the owner to initiate and digitally sign transactions. This unlocks the central function of Bitcoin securely transferring ownership from one user to another.

Bitcoin mining: Users on the Bitcoin network verify transactions through a process known as mining, which is designed to confirm that new transactions are consistent with other transactions that have been completed in the past. This ensures that you cant spend a Bitcoin you dont have, or that you have previously spent.

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