GET TO KNOW BITCOIN (BTC)

 

Have You Heard About Bitcoin

BTC

Do you know the history of Bitcoin? Technological advances make all aspects of life change, one of which concerns financial matters. The great thing that comes from the rapid development of technology is Bitcoin!

At that time, the 2008 financial crisis was still ongoing and most likely Bitcoin was a form of anger and disappointment reaction to the state of our financial system at that time.

The Bitcoin code may have been created in 2007, and the first indication of its appearance was in August 2008, when the domain name bitcoin.org was registered.

Bitcoin is a digital currency created in 2009 by an anonymous aka someone who goes by the pseudonym Satoshi Nakamoto.

Bitcoin is mainly used in transactions on the internet without using intermediary services such as banking.

Bitcoin uses a peer to peer (P2P) network system. But the system works without a single repository or administrator. The United States Treasury says Bitcoin is a decentralized currency.

Bitcoin is not like other currencies in general, bitcoin is not dependent on one main issuer, this is because bitcoin uses a distributed database spread to the nodes of a P2P network to the transaction journal.

Bitcoin Launch History

On October 31, 2008, Satoshi Nakamoto made an announcement on the mailing list of the cryptographic site metzdowd.com.

Santosi Nakamoto said I have been working on a new electronic financial system which is completely peer to peer based without any third parties.

Then on January 03, 2009 ago, Bitcoin's first blockchain system was launched and can be interpreted by users as a statement code, a hint signal, and only as a marker of that time...

Cryptocurrency users believe that it is a special statement from Satoshi Nakamoto, which after the news appeared in a newspaper 'The Times Chancellor on brink of second bailout for banks' on the same date at that time...

Then the first version of the Bitcoin software was announced on the Cryptography mailing list on January 8, 2009. And the next day, the 1st block began to be mined by crypto currency activists, and Bitcoin mining was already running successfully at that time.

Then how did bitcoin mining work in those days...?? As a new user, the first thing is to install a Bitcoin wallet on your computer, or mobile. This step was taken with the aim of automatically creating a Bitcoin address for the first time, the function of the Bitcoin address that has been created is the same as a mail or email address, so users can share Bitcoin addresses with others, so users can make payment transactions with that address. or vice versa.

The function of the blockchain chain is a public transaction record on the internet, where every activity on the Bitcoin network is recorded, so that all confirmed transactions can be stored in the blockchain.

Thus, Bitcoin wallets can calculate the remaining money that can be reused and new transactions can be verified, the aim is to ensure that each user's data can be analyzed correctly.

Inside the wallet there are private keys which are operated via 3 bus data lines,

1. Bus control operates when a transaction is initiated between wallets.

2. The data bus analyzes each activity into the block-chain.

3. The address bus identifies each Bitcoin wallet address and stores a secret piece of data called a private key or seed data, which can be used to sign transactions, providing mathematical proof to ensure that the data comes from the user's wallet owner.

Mining method is a system that is used to confirm the queue of transactions on the blockchain by inserting them into the block chain. The process confirms the chronological order of each block chain, and protects network neutrality, also allows other computers to agree on the state of the system in order to be confirmed, transactions must be chained in a block that complies with cryptographic rules.