Bitcoin Introduction and Operation
BTC operation and introduction by UKBTC Automated Trade Marketplace
London, United Kingdom, 20th Aug 2022, Bitcoin was originally proposed by Satoshi Nakamoto in 2008. Bitcoin, also known as virtual currency, is a digital currency in the form of P2P. It is one of the most valuable cryptocurrencies. Commonly referred to as decentralized digital currency.
As a virtual digital asset, Bitcoin is a relatively safe and reliable way to conduct transactions between two parties through the Internet. Of course, it also has a store of value, and many people also invest in it in the same way as investing in gold. Not only that, we can use Bitcoin to buy products and services, or to pay and exchange value electronically. (UKBTC Automated Trade Marketplace)
Bitcoin is different from traditional currency. Bitcoin is virtual, there is no physical object, and there is no need for cards, banks and other third parties when purchasing, which is very convenient. And it can be sent directly to the other party through online operations, and it can be safely credited to the account immediately.
So how to operate Bitcoin? Here below is the answer. (UKBTC Automated Trade Marketplace)
We all have times when we need to send emails to each other. At this time, we can communicate directly with each other just by adding the email address. This type of communication is generally referred to as peer-to-peer communication. (UKBTC Automated Trade Marketplace)
When people want to transfer money to each other through the Internet, they are always inseparable from third-party services, such as Alipay, WeChat, credit card and other remittance services. But why do so many people use it now? The main reason is that the third party is equivalent to a guaranteed platform. In fact, it takes time to verify whether the two parties are reasonable and compliant to complete the transaction. (UKBTC Automated Trade Marketplace)
For example, if you want to send a photo to others, you only need to open the email, then attach the photo, enter the recipient’s email address, and click send. The other person gets the email, sees the photo, and we think it is over, but it isn’t. We think that the photos we send are the original photos, but in fact there are two copies of the photos, one is from the email and the other is the original file. The photos we send are copies, not the original files, the original files are still on the computer. This is what I’m going to talk about next: double spending. (UKBTC Automated Trade Marketplace)
The question is whether the transaction is genuine or not. How to give bitcoins to the other party online without a third party to prove the transfer? It is executed in a global network of tens of thousands of computers of a Bitcoin network and a special type of decentralized laser technology of the blockchain. (UKBTC Automated Trade Marketplace)
Bitcoin is protected by mathematical data encryption, as well as storing and verifying data, securely and efficiently capturing information related to all transactions. But there is no third-party data, such as the need for a bank to prove that the transaction occurred. Bitcoin securely verifies and records every transaction through the decentralized use of blockchain technology in the Internet. Because such decentralized data can be stored in the network, there is no single point of failure. In this way, the blockchain is more secure and reliable, and it is not easy to tamper with data, fraud, etc., so that they remain at a single point. (UKBTC Automated Trade Marketplace)
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