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Bitcoin technology explained

bitcoin technology explained

target number generated from the previous block. 77 million records from Sony's PlayStation network in 2011. . Digital electronic money transfers have been around for decades, but what sets Bitcoin apart is that it is completely decentralized. . Sending a Bitcoin to a person standing right in front of me is just as easy as sending it halfway around the world. . All it takes is a few simple clicks and voila, you are your own bank. So when my transaction was sent to the network, my public key along with the transaction details gets hashed in a way that the receiver and network can verify that I am the owner of that private key without actually having to reveal my private. And the seller needn't trust the funds won't arrive, that a check won't clear or that there will be a charge back. Just as the values of traditional world currencies rise and fall so do the values of digital currencies. The beauty of cryptographic hashing is that this is a one-way function. . Using my Bitcoin wallet, I scan the QR code that Dancing Lion Chocolates presented. .

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Think of it as a super password. The idea for Bitcoin and its underlying blockchain monedero bitcoin mycelium technology were published in October, 2008 by an anonymous user or group of users under the pseudonym Satoshi Nakamoto. You were only your own bank when you hold your own Bitcoin. There are plenty of easier ways to get Bitcoin, thankfully. Each node on the network can mathematically verify that the ledger is accurate and has not been altered. These heists are like a digital bank robbery in that when you store your funds with someone else there is a chance you can lose them.