Understanding bitcoin in depth

Bitcoin is basically a collection of computers, or nodes, which runs Bitcoin’s code and store its blockchain. A blockchain can be considered as the collection of blocks. Each block contains a group of transactions. As all of these computers running the blockchain have a similar list of blocks as well as transactions and can transparently see the new blocks getting filled with new bitcoin transactions, therefore no one is able to cheat the system. Any person, whether he/she runs a bitcoin ‘node’ or not, is able to see all these transactions occurring live. One Btc price keeps on changing with time.

Bitcoin is basically a type of cryptocurrency. All the balances of the bitcoin tokens are kept utilizing public as well as private ‘keys’ which are usually long strings of numbers and letters which are linked through the mathematical encryption algorithm that was earlier used to create them. The public key which is comparable to a bank account number usually serves as the address that is published to the world and to which other people may send bitcoins. The private key which is comparable to an ATM PIN serves to guard secrets and used to authorize btc transmissions. You should never confuse bitcoin keys with the bitcoin wallet which is a physical or digital type device that facilitates the trading of the bitcoin and allows its users to track the ownership of the coins. The term wallet can be a little misleading as the bitcoin’s decentralized nature refers to that it can never be stored in a wallet but is decentrally on a blockchain. The btc price keeps on changing.

According to the official bitcoin foundation, the word bitcoin is capitalized in the context of referring to the entity or any concept whereas bitcoin can be written in the lower case while referring to the quantity of the currency.