Bitcoin is a cryptocurrency, In other words, a digital asset created to use as a medium of exchange in very secure financial transactions. It is a decentralized digital currency without interactions of a central bank or any other administration. Each bitcoin is a computer file stored in a digital wallet app on a smartphone or a computer. People can send and receive bitcoins through that digital wallet. Every single transaction is recorded in a list called ‘blockchain’.
I. What is blockchain?
A blockchain is a database that is shared across a network of computers, once a record has been added to the chain it is very difficult to change. It is like a spreadsheet including information and transactions. Every information and transaction is added to a block and each block has a unique code called ‘hash’. And they connected to the previous block with the newly created block. Together it is a blockchain. Blockchain information is safe because it is almost impossible to fake or forges.
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