In the previous article (What is Bitcoin? – Part III) we talked about the concept “asymmetrical encryption” and how the sender (person A) and the recipient (person B) of encrypted messages can be securely identified. Asymmetrical encryption is based on A and B having two encryption keys each. Now we are talking about how The transaction is
For individual users, there are both benefits and drawbacks in Bitcoin, depending on the payment situation. The benefits mainly relate to anonymity/integrity, convenience, rapidity and costs. The drawbacks mainly relate to the lack of any kind of protection for users. In certain situations the benefits can outweigh the drawbacks, and vice versa in other situations.
Bitcoin is what is known as a virtual currency.1 A virtual currency is a means of payment; that is, units of the virtual currency represent a value. It is intended for use in payments within a specific virtual community, such as a particular website, or in a network of users with special software for managing
For some experts Bitcoin is the Future Virtual Coin, Bitcoin is a so-called virtual currency that has been devised for anonymous payments made entirely independently of governments and banks. In recent years, Bitcoin has generated a great deal of attention on several fronts. Bitcoin payments are based on a new interesting technical solution and function differently to