How Btc (Bitcoin) Transaction Takes Place

Bitcoin is a type of cryptocurrency. It is a digital currency without any central or governmental body watching it. It is sent from user to user on the peer - to – peer bitcoin network without any intermediate. Transactions are recorded in public distributed ledger which is known as blockchain. The invention of bitcoin (btc) dates back to 2008 by a person or group named Satoshi Nakamoto. Its source code was made open source in 2009 and was started from then. They can be exchange for other currencies, services and products.

History of bitcoin

The first hint of the existence of bitcoin came o 18 august 2008 when a domain was created named bitcoin.org. On 31 October 2008, an authorized paper by Satoshi Nakamoto was published. In 2009, he made the software as an open source. The first blockchain network was created on 3 Jan 2009 named geneses. Cypherpunk hal Finney become the first to receive bitcoin transaction. He downloaded the btc software when it was released and received bitcoins from satoshi.

Decentralization

As you know that bitcoin is decentralized which means

• It does not have any central authority

• No need of central server and central storage. 

• Anybody can join

• Anyone can create new btc address

Ownership

Bitcoin address is like your bank account. It is easy to create bitcoin address. You just have to pick any random private key and you will get corresponding address. This is done very easily but to generate a private key by using bitcoin address is very hard and mathematically unfeasible. Everything is linked with private key. Therefore a user can tell his address to anyone but should not tell private key to anyone. For the transaction of bitcoin a user must know his bitcoin and digitally sign it. To get more information visit #btc.