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Bitcoin: Why you need to learn about it today




bitcoin

            Bitcoin: The world's first cryptocurrency

Bitcoin is the latest world currency. Having performed best in 2015 and 2016 than any currency on earth. According to Bloomberg, “Bitcoin’s Rally Crushed Every Other Currency In 2016.” There is a need to learn more about this currency. 


Bitcoin was started in 2008 by Satoshi Nakamoto. It is based on a blockchain technology that uses a peer to peer network for updating and keeping a ledger which is called a block. 

peer to peer architecture

                   Client Server Architechture Vs Peer to Peer Architecture


Note: The traditional banking system makes use of a client/server architecture with the bank being the server and you the client. Every transaction would have to be approved by the bank alongside transaction charges deducted for every transaction.

This is a form of currency not backed by any physical matter and unlike what many people think. It is not a coin…let that sink in…it is simply a series of account credits and debits off the block.  
This block is maintained all over the world by miners that solve mathematical problems called Proof of work (POW) to get new coins (This happens every 10mins) and in the process approve a new block (ledger) transactions and it is synched all over the blockchain. 
So what if someone wants to secretly edit the ledger to his or her favour.  Every transaction is activated by a private key that acts as a signature so no one can spend your money except you and if they try, every block has a hashing function that checks your private key to ensure you actually activated the transaction and if not from you. It would be dropped and not inputed into the block for approval pass that information all through the blockchain.

Blocks in a blockchain

Blocks of Ledger on the Blockchain

Note: This may all sound like rocket science to you, it did to me for some weeks. As I write to you I just realized I have understood the block technology. Give it a few days and it will sink in. It just did with me.

Here is a video to better explain the concept to you. This is the easiest i could find. lol. Enjoy...


                                                            Bitcoin in simple terms
  
In this blog we will talk about bitcoin and how best to profit from it via trading and investing.
We will help you with trade alerts and will trade for you depending on what you want alongside suggesting veritable bitcoin investments you can profit from.

Whatever you want, we are here to make you earn money - bitcoins - daily today.