Bitcoin & Blockchain Technology beginner’s guide
Checkout this infographic to get a detailed information on how bitcoin & blockchain technology works.
Bitcoin is the first ever decentralized cryptocurrency which can be even termed as the digital or virtual currency. It is fungible, portable, divisible and irreversible. The technology and name was firstly invented by SATOSHI NAKAMOTO in the year 2008 and it was later published as an open source in the year 2009. But the person or group behind the invention have no traces of identity as this virtual coin was published by an unknown person or group using the alias Satoshi Nakamoto.
After the invention of Bitcoins many cryptocurrencies emerged out, where some used the same system and structure of bitcoins and others implemented the structure and made better digital form of currency. Though there are many forms, bitcoin stands first-1st among them. As the rest of the forms are derived from the bitcoins they are often termed as ALTCOINS which means alternate coins of bitcoins. At first Litecoin was taken as an altcoin or alternate coin of bitcoin which later lead to various Altcoins as Dogecoin, Ethereum, Monero and etc. Each and every altcoin has its own specifications where some of them even beat the functioning of bitcoin in some aspects as some of the Altcoins stand as the best by offering greater anonymity than bitcoin.
To record all the transactions of the bitcoins, a public ledger called BLOCKCHAIN has been invented where the blockchain stood as undeniably an ingenious or a creative invention. The blockchain plays an important role, the whole bitcoin network completely relies on it. Blockchain is further classified as three types namely public, private and consortium blockchain. Generally blockchain follows a state of consensus where the transactions takes place between the users and are usually confirmed within 10 minutes of Block Time by the network, through a process called Mining. Block time is often defined as the time taken by the network to generate an extra block in the blockchain. The Block Time differs for each and every Cryptocurrency form, the Block time for Ethereum is 20 seconds.