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 a set of blocks each specifying a user. A blockchain is a digital public ledger that the world uses for storing and recording 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 also come in three different types: 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. The invention of Bitcoin occured in the year 2009. Apparently, the inventor has an alias of Satoshi Nakamoto. Bitcoin follows a peer-to-peer networking system. The blockchain records/stores all the transactions that have taken place using bitcoins or cryptocurrency. Once the blockchain has recorded the transaction, nobody can remove or alter the transaction. You simply can’t tamper with the data. This feature prevents the double spending by the users and allows to have safe & secure transactions.
Transactions and Usages
Whenever a transaction takes place a new block is added to the blockchain. 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. Accordingly, the newer cryptocurrencies are much faster. One of Bitcoin’s many popular usages is to play games online.