Discovery of electricity was a revolution. This was followed by another astounding revolution - The Steam Engine. Internet - yet another. Now its time for Bitcoin. Bitcoin is a digital currency that enables an individual to transfer money and make payments to anyone across the globe. However, the first thing to understand about Bitcoin is that it is not just money transfer or upgraded money. It is only a component that gives Bitcoin great value. Bitcoin is rather a programming environment, a publicly audited ledger which accounts for all transaction in terms of property, ownership and contracts. Developed by Satoshi Nakamoto in 2009, it uses advanced encryption technology whereby users transfer money by sending digitally signed messages to a network. The encryption also helps to keep the identity of both sender and receiver private.source-MBASKOOL
Posted on: Mon, 17 Mar 2014 09:05:59 +0000
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