What is bitcoin in simple words?

1. BITCOIN https://cult.today/

2. What Is Bitcoin In simple Words? Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don’t know or don’t trust. Money can be exchanged without being linked to a real identity. The domain name "bitcoin.org" was registered on 18 August 2008.On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash Systemwas posted to a cryptography mailing list. https://cult.today

3. Pseudonymous One of the contrasts between utilizing bitcoin and utilizing ordinary cash online is that bitcoin can be utilized without having a web association with interface such a genuine character to it. Except if somebody decides to interface their name to a bitcoin address, it is difficult to tell who claims the location Bitcoin doesn't screen customers; it screens keeps an eye on where the money is. Each address has two significant bits of cryptographic data, or keys: a public one and a private one. The public key, which is the thing that the "bitcoin address" is made from, is like an email address; anybody can find it and send bitcoins to it. The private location, or private key, is like an email secret word; just with it can the proprietor send bitcoins from it. Along these lines, it is vital that this private key is kept mystery. To send bitcoins from a location, you demonstrate to the organization that you own the private key that has a place with the location, without uncovering the private key. This is finished with a part of science known as open key cryptography. https://cult.today

4. Public Key A public secret is what determines the ownership of bitcoins, and is extremely just like an ID number. If someone wanted to send you bitcoins, all you'd must do is supply them your bitcoin address, which could be a version of your public key that's easier to read and kind. as an example, if Bobby has 1 bitcoin at the bitcoin address "UVW123," and Sunny has no bitcoins at the bitcoin address "XYZ456," Bobby can send 0.5 bitcoins to "XYZ456." As soon because the transaction is processed, Sunny and Bobby both have 0.5 bitcoins. Anyone using the system can see what quantity money "UVW123" has and the way much money "XYZ456" has, but they can not tell anything about who owns the address. https://cult.today

5. Private Key In the example above, "UVW123" and "XYZ456" are the bitcoin addresses of Bobby and Sunny. But Bobby and Sunny each have a second key which only they individually know. this is often oftenoften the private key, and it's the "other half" of a Bitcoin address. The private secret isn't shared, and allows the owner of the bitcoins to manage them. However, if the private secret's not kept secret, then anyone who sees it should control and take the bitcoins there. This happened on live TV when Bloomberg's Matt Miller accidentally showed a non-public key to viewers. the cash was taken immediately. The one that took it, told others about it later, saying "I'll send it back once Matt gives me a unique address, since another person can sweep out the old one." https://cult.today