Literally a few years ago bitcoin was considered to be a renegade virtual currency, which many thought was used only by criminals and criminals. Like the Internet at the beginning of its existence, investors and businesses did not see the value of technology and were overlooked by its dark associations. Today, Bitcoin and its inherent technology, the block circuit, are at the top of new Fintech businesses, and a new wave of startups is jumping out with new and innovative concepts for its application.
Proof-of-Work prevents users from spending the same money twice, without needing a central authority to distinguish valid from invalid transactions. Bitcoin creates an incentive for miners, who run powerful computers in the network, to validate transactions and to secure them from future tampering. The miners are paid by “discovering” new coins, and anyone with computational resources can anonymously and democratically become a miner.
Distributed Ledger – Bitcoin puts a history of each and every transaction into every wallet. This “block chain” means that anyone can validate that a given transaction was performed.