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What You Didn’t Know About Bitcoin!

Bitcoin is an electronic coin that is consisted of digitally signed chains of transactions. Your balance is consisted of transactions digitally chained of each other.

BLOCKCHAIN Is a technology where you can store data in blocks and chain them together. The chain is synchronized across a P2P network without a central entity controlling it.
DECENTRALIZED NETWORK Means that there is no single point where the decision is made. Every node makes its own decision and the resulting system behaviour is the consensus between the nodes.

PEER-TO-PEER NETWORK Is group of computers, each of which acts as a node for sharing files within the group. Instead of having a central server to act as a shared drive each computer acts as the server.
DISTRIBUTED NETWORK  Means that all the nodes in the network have a copy of the data.
TRANSACTIONS  is an electronic coin that is consisted of digitally signed chains of transactions . Your balance is consisted of transactions digitally chained to each other. HOW THE TRANSACTION HAPPENS? ( The payer sends coins by digitally signing a hash using his private key of the transaction details

 

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