Almost each of us has heard about the term “Bitcoin” but only a few of us are out there in the world who knows what is cryptocurrency. It is simply a digital currency wherein, encryption technique is used to control the generation of the units of currency and authenticate the transfer of the funds. Let’s move further and decode bitcoin and the bitcoin wallet.
Bitcoin & Bitcoin Wallet
The bitcoin was first created by Satoshi Nakamoto in the year 2009. Whether a group of individuals or an individual alone, the identity is yet not known to the world to date.
Bitcoin is the first-ever created cryptocurrency and is a revolutionary simply because it allows an instant and secure circulation of value over the internet. Prolly this is one of the reasons why it is also called the cyber-cash.
To keep your bitcoins, one requires a bitcoin wallet. When we technically talk about storing the bitcoins, one doesn’t store their bitcoins in the wallet, it is the bitcoin address that every individual owns, and every address can well be accessed utilizing the private key, and that very private key is stored in a bitcoin wallet.
There is also a technology which undermines bitcoin, the blockchain, will have a larger impact on the organizations, that only facilitates the International monetary funds.
A blockchain is a new form of database, that a ledger that records all the transactions that take place between the various members of the same network. The major difference lies in the fact that blockchain is dispersed and updated by the individuals of a network.
Hopefully, this little introduction about the cryptocurrency and how it is associated with a bitcoin wallet will give you a better idea of its functioning. To know more about cryptocurrency click on the link- https://crypto-wikipedia.com/