Working Module:
1.
Bitcoin is a form of electronic cash that can be sent from user to user without
a central bank or single administrator.
2.
Bitcoin uses virtual blocks for sending and receiving the money (transaction)
between the users and each of them has a copy of the transaction done.
3.
Each block is connected thus forming a chain, known as Blockchain.
4.
Every user in bitcoin has 2 keys
(i) Public key: Address in the network that
everyone knows of
(ii)Private key: encrypted address of sender's
5.
Transactions are done using the private key and public key where the sender's the address is encrypted (private key) using the hashing algorithm, sender digital signature, receiver wallet address and sent through the world wide web to the
receiver public address in which the receiver can only decrypt the sender
address.
Advantages:
- Bitcoin charges less comparatively but sometimes it won’t charge.
- Bitcoin is very difficult to hack because it is not handled by a single administrator. It is a public blockchain, that is, anyone in a network of blockchain can read, write or participate and this becomes difficult for a hacker to hack a particular account as it is very large.
I hope this helps you.
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