Bitcoin: what is it? Eight Step Guide to Cryptocurrency

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Bitcoin is a form of electronic money (this is just a visual representation).

Although we are all familiar with the idea of ​​digital currency – spending and receiving money that we don’t actually have – cryptocurrencies, like bitcoin, remain a mystery.Bitcoin mining? How can we use the money in the future? And can we even trust cryptocurrencies? In this quiz, we ask Dr. William John Nottenbilt, Director of the Imperial College Center for Cryptocurrency Research and Engineering, to help us better understand this type of cryptocurrency.

Bitcoin is a form of electronic money. This means that it does not have a physical form. Instead, electronic money units are exchanged over a computer network that has some unique characteristics: there is no central control point (there are no “banks”).

There is no central transaction storage point (a central database containing a record of all completed transactions).

Instead, it operates on a global network with thousands upon thousands of nodes — a device within a network like a computer or other device — that process and store transactions together.

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