What is Bitcoin and How it Works
What is Bitcoin and How it Works
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Bitcoin is a form of digital currency, created and held electronically. It allows you to move money without being traced because all transactions are anonymous. Bitcoins are just lines of computer code that hold monetary value. Those lines of code are created by electricity and computers. Bitcoin was the first crypto coin currency ever invented. Bitcoin’s “creator” is known as Satoshi Nakamoto. They have never been identified.
Bitcoin can be used to buy things electronically. The Bitcoin idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
How a Bitcoin Transaction Works
If Alice sends some bitcoins to Bob, that transaction will have three pieces of information:
- An input. This is a record of which bitcoin address was used to send the bitcoins to Alice in the first place (she received them from her friend, Eve).
- An amount. This is the amount of bitcoins that Alice is sending to Bob.
- An output. This is Bob's bitcoin address.
How to sent Bitcoin
To send bitcoins, you need two things: a bitcoin address and a private key. A bitcoin address is generated randomly and is simply a sequence of letters and numbers. The private key is another sequence of letters and numbers, but unlike your bitcoin address, this is kept secret.
When Alice wants to send bitcoins to Bob, she uses her private key to sign a message with the input (the source transaction(s) of the coins), amount, and output (Bob’s address).
She then sends them from her bitcoin wallet out to the wider bitcoin network. From there, bitcoin miners verify the transaction, putting it into a transaction block and eventually solving it.
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അഞ്ചാംപനി വൈറസ് .
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അരിമ്പാറ വൈറസ് .
ആണി രോഗം ഫംഗസ് .
ആന്ത്രാക്സ് ബാക്ടീരിയ .
ഇന്ഫ്ളുവെന്സ വൈറസ് .
എബോള വൈ...
Afghanistan Ahmad Shah Durrani .
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Bangladesh Sheikh Mujibur Rahman .
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Chile Bernardo O'Higgins .
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Croatia Ante Starcevic .
Cuba Carlos Manuel de Cespedes .
Dominican Republic Juan Pablo Duarte .
Ecuador Simon Bolivar .
Ghana Kwame Nkrumah .
Guyana Cheddi Jagan .
Haiti Jean-Jacques Dessalines .
India Mohandas Karam Chand Gandhi .
Indonesia Sukarno .
Iran Cyrus the Great .
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Kenya Jomo Kenyatta .
Kosovo Ibrahim Rugova .
Lithuania Jonas Basanavicius .
Macedon...
Bank Rate : It is the rate of interest charged by a central bank to commercial banks on the advances and the loans it extends.
Bouncing of a cheque : When an account has insufficient funds the cheque is not payable and is returned by the bank for a reason "Exceeds arrangement" or "funds insufficient".
CRR (Cash Reverse Ratio) : The amount of funds that a bank keep with the RBI. If the percentage of CRR increases then the amount with the bank comes down.
Cheque : It is written by an individual to transfer amount between two accounts of the same bank or a different bank and the money is withdrawn from the account.
Core Banking Solutions (CBS) : In this, all the branches of the bank are connected together and the customer can access his/her funds or transactions from any other branch.
Debit Card : This is a card issued by the bank so the customers can withdraw their money from their account electronically.
Demat Account :...
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