What is Bitcoin and How it Works What is Bitcoin and How it Works


What is Bitcoin and How it WorksWhat is Bitcoin and How it Works



Click here to view more Kerala PSC Study notes.

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.

Click here to search study notes. Click here to view all Kerala PSC Study notes. Click here to read PSC Question Bank by Category wise. Click here to Test your knowledge by atteneding Quiz.

Logo
Logo
Australian Open 2022 Winners

Open

The 2022 Australian Open was a Grand Slam tennis tournament that took place at Melbourne Park, Australia from 17 to 30 January 2022. The Australian Open 2022 was the 109th edition of the Australian Open and it was the 1st Grand Slam episode of the year.  Please find below table to view Australian Open 2022 Winners. .

RectAdvt Sports Event Winner Runner up .
Men’s Singles Rafael Nadal (Spain) Daniil Medvedev (Russia) .
Women’s Singles Ashleigh Barty (Australia) Danielle Collins (USA) .
Men’s Doubles Nick Kyrgios (Australia) & Thanasi Kokkinakis (Australia) Matthew Ebden (Australia) & Max Purcell (Australia) .
Women’s Doubles Barbora Krejcikova (Czech) & Katerina Siniakova (Czech) Anna Danilina (Kazakhstan) & Beatriz Haddad Maia (Brazil) .
Mixed Doubles Jaimee Fourlis (Australia) & Jaso...

Open

Questions Related To Hobbies

Open

ഹോബികളിലെ രാജാവ് എന്നറിയപ്പെടുന്നത് സ്റ്റാമ്പ് ശേഖരണം.
നാണയശേഖരണ ഹോബിയുടെ പിതാവ് ഇറ്റാലിയന്‍ കവി പെട്രാര്‍ക്കാണ്.
ഐക്യരാഷ്ട്ര സംഘടന അംഗീകരിച്ച ഏക ഹോബിയാണ് ഹാം റേഡിയോ.
ഓട്ടോഗ്രാഫുകള്‍ ശേഖരിക്കുന്ന ഹോബിയാണ് ഫിലോഗ്രാഫി.
കടലാസ് ഉപയോഗിച്ച് കരകൗശല വസ്തുക്കള്‍ നിര്‍മ്മിക്കുന്ന ഹോബിയാണ് ഒറിഗാമി.
കൃത്രിമ ഭാഷകള്‍ സൃഷ്ടിക്കുന്ന ഹോബിയാണ് കോണ്‍ലാങ്.
...

Open

National Emblems of Various Countries

Open

വിവിധ രാജ്യങ്ങളിലെ ദേശീയ മുദ്രകൾ Countries Emblems .
Australia Kangaroo .
Barbados Head of Trident .
Canada White Lily .
Denmark Beach .
France Lily .
Guyana Canje Pheasant .
India Lioned Capital .
Ireland Shamrock .
Italy White Lily .
Japan Chrysanthemum .
Luxembourg Lion with Crown .
Norway Lion .
Papua New guinea Bird of paradise .
Senegal Bhobab Tree .
Sri Lanka Lion .
Syria Eagle .
U.K. Rose .
Bangladesh Water Lily .
Belgium Lion .
Chile Candor and Huemul .
Dominica Sisserou Parrot .
Germany Corn Flower .
Hong Kong Bauhinia .
Iran Rose .
Israel Candelabrum .
Ivory Coast Elephant .
Lebanon Cedar tree .
Mongolia The Soyombo .
New Zealand So...

Open