Bitcoin Infographic (Bitcoin Explained In Pictures)
Cryptocurrency is not always easy to understand. So why not go back to basics, and use pictures? That is what our friends at Bitcoinfy.net has done, and this Bitcoin infographic is the result:
A Little Bit About Cryptocurrency in Words
Blockchain network is set of blocks each specifying a user. Blockchain is a digital public ledger used to store or record the transactions made by users. It is a decentralized ledger through which the transactions solely takes place between the users without the interference of any of the central authority. Blockchains are further divided into three types as public, private and consensus blockchain. Public blockchain has no access restrictions and anyone with an internet connection can perform transaction.
Bitcoin is the first ever decentralized digital or virtual currency generally termed as cryptocurrency. It was invented in the year 2009 with an alias Satoshi, bitcoin follows peer-to-peer networking system. All the transactions taken place using bitcoins or cryptocurrency is recorded or stored in the blockchain, once the transaction is recorded it can neither be removed nor altered. The data can’t be tampered with, this feature prevents the double spending by the users and allows to have safe & secure transactions.
Whenever a transaction takes place a new block is added to the blockchain and the time taken by the network to add an other block to the blockchain is known as block time, the block time of bitcoin is 10 minutes. Transaction between the users implies to the transactions between the crypto wallets of the users.
After the bitcoin many other crypto forms have been emerged by making slight changes in the structure and functioning, while some among them have reached the great points and some are still being worked on. The block time of Bitcoin is 10 minutes and the block time of Ethereum is 20 seconds, by this example we can say that many new forms emerged have many advantages compared to bitcoin. Bitcoin is most popularly used to play games online, and there are wide range of bitcoin casinos that ensure top-notch gaming experience.