what is bitcoin

[Jeffrey A. Grimsley]

can some one tell me what is giod and how bitcoin change rhe world

[pcpritit]

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[liamjames]

Hello,
In simple words, Bitcoin is digital money that runs free hand of any central or government monitoring. All bitcoin transaction data are recorded in a public ledger and copies are stored on servers all around the world. If you want to learn more about bitcoin you can visit Are Bitcoin-Backed Mortgages a Good Idea.

[Leroy Jenkins]

Bitcoin is a digital currency that operates without the oversight of any central body or government. Peer-to-peer technology and cryptography are used instead. Every bitcoin transaction is recorded in the general ledger, with copies maintained on servers all over the world. A network is a server that anyone with a free computer may set up. Rather than depending on a centralized source of trust like such a bank, consensus about who owns which coins are obtained cryptographically among these nodes. Every transaction being broadcast to the entire network and distributed across nodes. Miners aggregate these transactions into a group known as a block and add it to the blockchain permanently every 10 minutes or so. Virtual currencies are stored in digital wallets, which may be accessed by client software or a variety of internet and hardware solutions, similar to how traditional coins are kept in physical wallets. Bitcoins are now split into seven decimal places: a milli is a thousandth of a bitcoin, and a satoshi is a 100 millionth of a bitcoin. In reality, there is no such thing as a bitcoin or perhaps a wallet; rather, the network agrees on who owns a currency. When making a transaction, a private key is being used to prove ownership to money to the network while performing a transaction. A "brain wallet" is a notion in which a person may simply remember their private key and use it to retrieve or transfer their virtual money.