Tag: what is bitcoin

Technology2 Comments

What Is Bitcoin

Dennis

I follow a very interesting technology innovation since some time. It’s a payment technology called Bitcoin. What is Bitcoin? Well, it is basically a digital currency, a new way to send and receive money over the internet. The currency is called Bitcoin and you can use it worldwide and the transactions are secure, fast and processed every day and hour of a week. You could now say that we can already send and receive any country currency via bank or any online payment provider, but to understand the advantage of Bitcoin over the commonly known payment variant, we must take … Continue reading What Is Bitcoin

Technology3 Comments

Bitcoin, the Decentralized peer-to-peer Digital Currency

Dennis

Video source: bitcoin.org What is a Bitcoin? Interested in new technology, I came across the Bitcoin topic some time ago. Bitcoins are a decentralized peer-to-peer (transferred from person to person) digital currency which means there is no central authority like banks or governments behind the currency and the transaction process is done by a network of private computers. The users of these computers, the “miners” get recompensed with transaction fees and newly created Bitcoins. But the systems of all the worldwide Bitcoin miners have to solve a complex math problem first and the algorithm leads over time to the case … Continue reading Bitcoin, the Decentralized peer-to-peer Digital Currency