Bitcoin - Keywords

Bitcoin - Keywords

In this article,we will discuss keywords used in cryptocurrency?

• BITCOIN
• BITCOIN WALLETS
• BLOCK CHAIN

BITCOIN

Bitcoin is a peer to peer Electronic cash system; a system for decentralized currency would allow online payments to be sent directly from one party to another without going through a financial institution.

BITCOIN WALLETS

Bitcoin wallet is a program used to store the personal key for peer to peer transactions Bitcoin wallet give possibility for securely manage the block chain assets or Bitcoins as this wallet is encrypted with a password and give sheltered from unofficial transactions In simple words As traditional wallet is handled by its holder to keep his cash or cards similarly bitcoin wallet is software that user kept in either mobile phone or computer system as an application only bitcoin wallet is solely controlled by its user.

BLOCK CHAIN

Block chain is the technology that is used by bitcoin. Bitcoin is the first cryptocurrency that used Block chain technology for its transactions. This technology provides transparency and security among peer to peer transactions. Block chain is a trustworthy decentralized network that allows the transfer of currency and data.
In simple words Block chain is a kind of Database that is a collection of data and is stored in blocks electronically on a computer system and is the record keeping technology in bitcoin network. In block chain the data entered is irreversible this means that transactions are permanently recorded and viewable to anyone Block chain is the technology which is secured with cryptographic techniques and make impossible for hackers to do changes with the transactions.

Conclusion

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