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All You Need To Know About Bitcoin and How It Works

Updated: Aug 30, 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.



Cash out profits efficiently and securely with Louii B. Contact us today for a free quote.


All blog posts are for informational purposes only.

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