Infographics: What is Bitcoin and Blockchain Technology?

Bitcoin is the first ever cryptocurrency invented in the year 2008 and published as an open source in the year 2009, by the alias as Satoshi Nakamoto. The traces behind the invention of bitcoin are not yet found and is still a mystery. As the value of bitcoin is high, instead of using the whole bitcoin at once we can make use of its smallest form as Satoshi (1/100000000) and mBTC (milli Bitcoin – 1/1000).

Bitcoin stands first among all cryptocurrencies though there are about 1639 cryptocurrencies. For the convenience of users, many bitcoin ATMs are placed all over the world, we can have both exchanges of Fiat currency to Cryptocurrency or Cryptocurrency to Fiat currency using this form of ATMs, all the ATMs don’t require the user to be a member and sometimes some ATMs ask for the membership. Generally, Bitcoin ATMs are known as Bitcoin Kiosks.

Blockchain is a decentralized digital ledger used in storage of all the transactions made with the help of cryptocurrencies. The Blockchain network has a number of hashed set of blocks in it, each and every block takes about 10 minutes to enter into the network using a process called mining. Blockchain network follows the state of consensus, blockchain is further classified into three as public, private and consortium blockchains.

The time required to add an extra block in the blockchain can be given as block time, the block time for the bitcoin is quite high when compared to that of other currencies. The database of blockchain is often shared by all nodes participating in a system based on the bitcoin protocol.

Blockchain technology is one of the booming technologies and working networks these days, as the entire process or transaction takes place only between the users and there is no involvement of any of the third party between the transaction and transaction between the users usually implies the transaction between the crypto wallets.

Bitcoins can be used in many of the payment purposes, in some areas the educational institutions are even accepting the fees in the form of bitcoins. Bitcoins are even used for shopping purpose. There are many advantages of usage of bitcoins and we even have disadvantages too.

To have more detailed description and information about bitcoin and blockchain technology, you can refer the below-given infographic.

What is Bitcoin and Blockchain Technology - Beginner's guide

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