What is Bitcoin and how does it work.
Bitcoin What is Bitcoin and how does it work. Bitcoin is an application of block chain technology, and it basically a part of cryptocurrencies, there are more like ether, ripple, and Lite coin etc. It is called cryptocurrency just because it is based on cryptographic hash functions or values. Bitcoin is in hype nowadays, because bitcoins transactions are stored in a public ledger or decentralised database, any body can see those transaction publicly and verify data. Bitcoins provides authenticity and integrity of transactions and a bitcoin can not be added back to a block until it is expended and wiped out from ledger. If a transaction takes place in a network everybody receive information about the transaction in the network. There is no government or central bank involved in bitcoin transaction, therefore, there must be someone to maintain and update all transactions taking place in a particular network. The person who is responsible of maintaining all data and