The Bitcoin: Future Currency?
Bitcoin is a type of currency digitally designed and encrypted for the verification of asset transactions and to control the creation of currencies; The name given to this type of currency is cryptocurrency. This world famous coin was developed in 2009 by Satoshi Nakamoto. This electronic peer-to-peer box system received the symbol XBT for use in the market. Like any other currency, Bitcoin has its own unit system that ranges from milibitcoin (0.001) to satoshi (0.00000001).
Bitcoin design is extremely complex, but very reliable. First, one of the issues questioned about this matter is its security. Believe it or not, Bitcoins is safer than the regular currency. The most obvious thing is that you can not steal physically, and although you can steal electronically, the following explanation will show you how difficult it is to do this.
I would like to start talking about the storage of this electronic currency. A cryptocurrency wallet is basically the same as a tangible wallet where you store your money. The electronic wallet works just like Amazon or any website account where you store your credit cards, except that in this case you will be storing money. The way you earn this money is by setting up an address when you create your Bitcoin account. This wallet has a hardware device that looks like a clicker in which you will receive notifications about any type of transaction.
The way in which the wallet was created is complemented by the way in which transactions are made. The transactions are mainly the same as in the present; therefore, exchange an output for an input. The way in which the currency is tracked is that The Blockchain transmits the movements of money live. Each time a payer sends bitcoins to a beneficiary, the transaction is registered in blockchain. This blockchain is managed by coin programmers. To avoid duplication, transactions follow the entries and refer them to previous exits.
But secure transactions can not do all the work of securing the currency, but they need human supervision. The currency is supervised by the miners. What these people do is keep records of the transaction and through the system look for inconsistencies. The Blockchain is composed of blocks, each block contains cryptographic hash. The cryptographic hash is a data set that can be traced. This new block needs a working test in another to be accepted.
Bitcoins are already gaining acceptance around the world. As now, Bitcoins can be used in more than 100,000 institutions around the world and it is expected to continue growing. Although the insecurity behind the fact that there is no government support makes it hard to believe that this will be the currency of the future, but beware, it could affect the world.