Bitcoin
is a worldwide cryptocoernza and digital payment system. First known as the Decentralized Digital Currency, since the system works without a central repository or a single manager. It was invented by an unknown programmer, or a group of programmers, named Satoshi Nakam oto and released as open source software in 2009. The system has peer-to-peer transactions, and transactions do direct transactions between users without any intermediation. This transaction is verified by network nodes and is recorded on a public distribution account called Blocken.
As well as being a reward for mining, Bitcoin can be used in other currencies products, and services can be exchanged for legal or black markets. As of February 2015, more than 100,000 merchants and vendors accept Bitcoin as payment. Bitcoin may also be held as an investment. According to the research published by the University of Cambridge in 2017, 2.90 to 5.8 million unique users use cryptocolinology wilts, most of which use Bitcoin.
Transactions
As a reward for mine, Bitcoin may be used in other currencies products, and services can be exchanged for legal or black markets. [18] [19] As of February 2015, more than 100,000 businessmen and vendors accept Bitcoin as a payment. Bitcoin may be held as an investment. According to research published in Cambridge University in 2017, 2.90 to 5.8 million unique users used cryptocolinoly wilt, most of which use Bitcoin.
Mining
Mine is a record-maintenance service. Blockbank checks new broadcoding transactions through a new block transaction and collects a block named, continuous, complete and continuous. Each block has a cryptographic hash of the previous block, using the SHA-256 hashing algorithm, which connects with the previous block, thus giving the name Blockken.
To be accepted by the rest of the network, a new block serves as a so-called proof. Evidence needs to find a number that needs mining, so as to avoid blocking the content, the result is numerically smaller than the target of the network's length. This proof is easy for a node for network verification, but it is time consuming to create a safe cryptographic hash, many unauthorized mine mines (usually tested values 0, 1, 2, 3, ... 8) Before meeting the target targets difficult Each block (about 10 minutes of every 10 minutes of every block), based on the latest performance of networking, can be noticed, aiming to average time in new blocks within ten minutes. In this process, the system automatically maintains the total mining capacity on the network.
In the middle of March 1, 2014 to March 1, 2015, the average number of nons mining had to be increased from 16.4 crores to 25.5 quintillion before trying to create a new block.