Bitcoin write for us
Bitcoin is a digital currency that functions free from central control or supervision by banks or governments. Instead, it relies on software and peer-to-peer cryptography.
A public ledger records all bitcoin transactions, and copies remain kept on servers worldwide. Anyone with a spare computer can set up one of these servers, known as a node. Consensus on who owns which coins is reached cryptographically through these nodes rather than relying on a central trusted source like a bank.
Each transaction is publicly broadcast on the network and shared from node to node. Every ten minutes or so, miners collect these transactions into a group called a block, and they remain permanently added to the blockchain. It is the ultimate bitcoin account book.
In a similar way that you would hold traditional currencies in a physical wallet, virtual currencies remain stored in digital wallets. They can remain accessed from client software or various hardware and online tools.
Currently, bitcoins can remain subdivided into seven decimal places: one-thousandth of a bitcoin is known as a mill, and one hundred millionth of a bitcoin is known as a satoshi.
Here is no such thing as a bitcoin or a wallet, just an agreement between the network about the ownership of a coin. A private key remains used to prove ownership of funds to the grid when making a transaction. A person could memorize her private key and not need anything else to retrieve or spend her virtual money, a concept known as a “brain wallet.”
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