What is Bitcoin (What is Bitcoin technology)
What is Bitcoin? Bitcoin is a computer software system. Its basic principle is
What is Bitcoin? Bitcoin is a computer software system. Its basic principle is that the results obtained through calculation by the computer code and program running on a computer are the transaction outputs generated by the machine, and this input comes from “orders”. In other words, if a currency is accepted and used in circulation, it will execute the amount or some form of payment operation according to predetermined rules. “Orders” refer to a method of using a digital way to accomplish certain specific tasks, such as signing, verifying, or proving ownership of a group of signed files;
Some people also refer to this electronic cash as a trusted asset or legal tender.
What is Bitcoin technology
According to btcmanager.com, Bitcoin is a highly technical cryptocurrency. Its working principle is similar to the distributed ledger structure, cryptography, and blockchain technology of gold, etc.
In simple terms, people use it to store digital assets and then send them to others to obtain corresponding rewards (such as returns). However, without this technology support, it is difficult to conduct transactions because payment cannot be completed on the network. Therefore, because it is decentralized, it can achieve instant transfer transactions between peers. How does Bitcoin work? The first thing to determine is what Bitcoin technology is; the second is to know that Bitcoin is an open platform or a protocol system; the third important thing is to remember the technical basics of Bitcoin: consensus mechanism and Bitcoin programming method.
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