History of Bitcoins and How it is Working?
The earlier idea of digital money, simply took the form of a public ledger. You know,... you start off with money; you have a list of who owns how many coins – And then, people can call in and say, ‘I hereby transfer so many coins to such and such’,... And you then update the ledger. Now of course in real life, proper money actually works like that – It’s just that the banks em, don’t keep an infinite public figures of all history of the transactions. But, bitcoin keeps everything publicly visible forever! The basic idea behind bitcoin, is that, you’ve got thousands of people (called bitcoin miners), who compete to find the next Hash in something called the blockchain – And a new Hash is found every 10 minutes!... So what happens is, hundreds of people who want to do a transaction (say, I want to pay you a tenth of a bitcoin – which is about $276 in August 2017), what I’ll do, is that I’ll sign a transaction saying that I pay you $274. And that is collected, together with...