Can question on bitcoin/network cryptography can be asked in Gate?


#1

Can some one explain me about bitcoin and crypto-currency and gate might ask a question about it ?


#2

bitcoin is decentralized digital currency i.e, it is not governed by any bank or government. you can earn bitcoin as reward of mining. bitcoin is entirely digital and no one is carrying actual bitcoins around in their pocket. It is organized through a network known as a blockchain. blockchain keeps a secure record of each transaction and bitcoin price all in one place. Every time when anyone buys or sells bitcoin, the transactions gets recorded.
A crypto currency is a digital or virtual currency that uses cryptography for its security. it is also not issued by any central authority or bank.


#3

Bitcoin:

Bitcoin is a new currency(digital currency) that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.It is organised through a network known as Blockchain.
It was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.

Crypto-currency:

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.