A Bitcoin Beginners Guide That Every Curious Mind Must Read

History of Bitcoin — Where it Came from?

Before the era of Bitcoin, many cryptocurrencies like Bit Gold, B-Money, and Hashcash failed.

6 Current Bitcoin Stats You Should Know About

  1. In 2013, the price of a single Bitcoin was around $196.02. Today, its value reached $34.21K.

What is Blockchain & How is it Linked to Bitcoin?

Just like electricity gives power to the internet, Blockchain gives power to cryptocurrencies like Bitcoin.

How Does A Transaction Go Into the Blockchain?

When a transaction goes into the Blockchain, it first gets authorized and then authenticated.

Step 1: Authentication

First off, the authentication process is unlike the traditional transactions.

Step 2: Authorization

Authorization is the next step, which is usually taken before the transaction is added to a block.

Step 3: Proof of Work

In the Proof of Work process, nodes are rewarded to compensate for validating and approving the transactions.

Step 4: Addition of the Block to the Chain & Distribution

After the transaction block is validated and approved by the nodes, it sums up with the chain.

A Note About Proof of Stake

Blockchain networks are catching on to adopt an alternative protocol for the Proof of Work process.

How Does Bitcoin Work for You & Where to Find it?

Understanding Bitcoin is a little technical but not all users need to know each and everything to use it.

The Basics of Operating Bitcoin

As a new user, you need a digital wallet to store your bitcoin.

1. Blockchain

As I said earlier, blockchain is a Shared Public Ledger that backs the bitcoin network.

2. Transactions

A transaction between 2 bitcoin wallets also has a unique procedure.

3. Mining

Mining is essentially the process that allows the computers (nodes) in the network to approve the transaction.

How Can You Make Use of Bitcoin?

Even though bitcoin may seem like something futuristic, it’s still a kind of currency.



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