What is bitcoin?

Bitcoin is the first ever decentralized digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed like naira, dollars or euros – they’re produced by people using software that solves mathematical problems. Its most important characteristic is that it is decentralized as no single institution controls the bitcoin network.

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How bitcoin works?

Since no bank is involved, so when a person A transfers bitcoin to another person B, all the information is recorded in a public ledger, known as the Blockchain. This ledger records all of the transaction that has taken place since the last ledger.

For transferring bitcoin, you can have a private key in your own wallet and get the public key of another’s person wallet. Every bitcoin wallet can have one or more public keys that can be distributed to everyone but can have only one private key which only the owner of that wallet can know.

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