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 accustomed to the idea of ​​digital currency – spending and receiving money that is not physically in front of us – cryptocurrencies, like Bitcoin, remain a mystery. How could we use the money in the future? And can we even rely on cryptocurrencies? In this questionnaire, we ask Dr. William John Knottenbelt, director of the Cryptocurrency Research and Engineering Center at Imperial College, to help us better understand this type of mysterious coin.

Bitcoin is a form of electronic money. This means that he is not physically fit. In contrast, electronic money units are exchanged over a computer network that has some unique properties: There is no central control point (there are no “banks”).

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

Instead, it operates on a global network with thousands and thousands of nodes, a machine within a network such as a computer or other device, that processes and stores transactions together.

Leave a Comment