All You Need To Know About Bitcoin and How It Works

March 6, 2018

As with everything in life, there is always evolvement as the years go
by, and the currency industry is certainly not excluded from that. You
see, with the fantastic advancement in technology, the idea of having
money in physical form just seems like a constant tie to the 17th
century.

 

Now, although physical money is still utilized heavily worldwide, and
will probably continue to be, there has been an attempt to bring the
use of currency into the modern era. It is known as Bitcoin, and
although people generally picture glistening coins on a screen in their
mind, it’s actually just an intelligent piece of software.

 

Essentially, it's a virtual form of currency consisting of a multitude of
protocols, which allows you to make transactions on the web
anonymously. Most people are completely unaware of how it all works,
which is why we're going to explain it to you.

 

Bitcoin does not operate individually; it works in harmony with the
renowned Blockchain technology. Despite Blockchain being incredibly
versatile in the way it stores information, and powers different
software, it focuses solely on transactions when used for Bitcoin. The
way transactions appear in the Blockchain is with numbers and letters,
and it can almost be considered as a never-ending list.

 

For instance, if you wanted to send some money to your mother safely,
quickly and anonymously, all you’d have to do is acquire her public key.
Once you’ve got that, you’d verify your identity and then send her the
desired amount of Bitcoin. Following that, the Bitcoin could be
accessed by using a wallet, which is basically a set of keys. Nowadays,
the majority of people use a Bitcoin exchange to host their wallet on a
convenient platform.

 

But, even though you and your mother would know you're sending the
virtual currency, if someone was to look at the Blockchain, they might
see something like – ‘19Fir42eP8azO0sHH5tq8q91ia77sW2vG5 sent
1.10856330 to 15Jo3xz94Pd1Sb7rt01aW2qAa68m1h33Ez on December
5, 2017, at around 21:15'.

 

Moving on, a distinct feature of the way Blockchain works is that it is
extremely secure, and as you're not displaying your identity, it's very
hard for you to be targeted by a cyber attack. Also, the Blockchain
ledger that all transactions are directed to is completely accessible to
the public, which means that it's immensely difficult for someone to
tamper with or alter it.

 

All in all, Bitcoin works through superbly-constructed software that
stores transactions on the Blockchain technology, and can then be
accessed through an encrypted virtual wallet. So, rather than sending
money, you’ll be sending multiple lines of code in place of it.

 

We have partnered with DoLouii to offer quick and secure bitcoin services. Transactions can be conducted at any of our branches. For more information contact Lou at 647-866-6969.

 

 

Disclaimer: The information presented here is for general informational purposes only. While we try to keep the information up-to-date and correct , there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the information, products, services, or related graphics contained in these blog posts for any purpose. Any use of this information is at your own risk.

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March 6, 2018

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