Bitcoin is the only online currency
Bitcoin - What You Should Know About Digital Currency
If you want to become part of the currency network, install the aforementioned Bitcoin Core or one of the alternatives now available such as Bither, Armory or mSIGNA. The respective client acts as a so-called Bitcoin wallet, as a kind of virtual wallet for online currency. It enables Bitcoins to be received and sent and, for this purpose, is synchronized with the peer-to-peer network. Sufficient bandwidth and storage space should be available for the first synchronization, because the client loads during this Data with a total size of over 65 GB down. This is the common public booking system that forms the core of the Bitcoin network and is also known as the blockchain.
All confirmed bookings are stored in this chain, the integrity and chronological order of which is guaranteed by cryptography. Based on this information, the client calculates the status of the Bitcoin account. The security concept of the open source system is not only characterized by one Encryption of the data off: Each individual transaction is given special protection in the form of a digital signature. This is automatically generated when sending Bitcoins by a secret data block - the private key (also called the seed) - is generated. Each user has their own private key, which is in the wallet. On the one hand, the signature provides proof that the transaction made belongs to the respective Bitcoin address. On the other hand, it ensures that the transaction can be modified by other users after it has been sent.
In order for a transaction to be confirmed and disseminated among users, a special process called mining is required. During this processing process, the transactions are signed and packed in a block and then integrated into the blockchain. This is done with the help of special mining hardware and software, which must execute cryptological hash functions (SHA256) to create the signature and which can in principle be used by every participant. In return for the mining, the processor receives Bitcoins, which sounds very lucrative at first. However, the hardware and operating costs are in a rather moderate relationship to the income of the mining business, which is also due to the very strong competition. Further information on the topic, which is nevertheless interesting and elementary for the Bitcoin network, can be found in these instructions on weusecoins.com.
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