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What is Bitcoin?

Bitcoin is defined as a cryptocurrency, that is, a digital currency whose functioning is based on the use of cryptography, which is all closely related to its blockchain. Bitcoin was first proposed in 2008 and legend has it that it was an anonymous and unknown programmer named Satoshi Nakamoto who published the white paper Bitcoin: A Peer-to-Peer Electronic Cash System. At the link you can download Satoshi Nagamoto's original publication, and since his identity is still anonymous there has been speculation that in fact, behind this pseudonym lies a team of people who nevertheless continue to maintain their perfect anonymity.

Bitcoin uses a distributed consensus system, where the user is not required to place trust in other intermediaries or third parties (such as a bank). In particular, the bitcoin network uses its own blockchain which can be blindly trusted as the code is open source and can therefore be viewed freely by anyone. But how does Bitcoin work? Without going into too technical terms, to use Bitcoin you must download your wallet, once installed it will generate your public address which you will need to receive and send your Bitcoins. But to understand what Bitcoin really is, we will explain something fundamental to being able to send and receive Bitcoin, you need to go through a validation that takes place with the contribution of mining which, through a node of the Bitcoin network, "captures" this task and inserts it into a block which, once validated by the network, will join a chain of blocks called blockchain.

The blockchain is essentially a shared public ledger on which the entire Bitcoin network is based. All confirmed transactions are included in the block chain, blockchains that make the Bitcoin wallet available at any time and calculate their available balance. You can also check the number of transactions performed and check that the spender has enough Bitcoin in their wallet. The integrity and chronological order of the blockchain are protected by cryptography which is currently the best system for exchanging crypto coins with maximum security.

Cryptobellos has developed a purchase system through its app for your Bitcoins by placing them directly on your wallet and helps you improve your understanding of the world of cryptocurrencies. The educational value of our equipment is a step towards integration with the cryptocurrency system and a help to people who want to approach this world. The service offered by the equipment produced by Nexavend under the Cryptobellos brand is in no way financial advice . For every detail and request, contact us here at this link.

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