Tuesday, January 28, 2014
Thursday, January 16, 2014
Bitcoin Explained
Bitcoin Explained...
Bitcoin is the new buzzword now
a days..
For the uninitiated, below is an
amazing explanation and video
Bitcoin is a proof of knowledge
peer-to-peer payment network and digital currency based on an open source
protocol. Bitcoin was introduced in 2009 by pseudonymous developer Satoshi
Nakamoto. Bitcoin is called a cryptocurrency as it uses public-key cryptography.
When paying with bitcoin, there will be no exchange of digital notes or tokens
between buyer and seller. Instead, the buyer requests an update to a public
transaction log, the blockchain. This master list of all transactions shows who
owns what bitcoins currently and in the past and is maintained by a
decentralized network that verifies and timestamps payments. The operators of
this network, known as "miners", are rewarded with transaction fees and newly
minted bitcoins. Bitcoin makes use of a public transaction log which makes it
easy to trace transactions
A short video looking at
'Bitcoin', a decentralized digital currency.
Directed, Designed and Animated
by Duncan Elms - duncanelms.com
Written and Voiced by Marc
Fennell - marcfennell.com
This project was done between
other jobs. Therefore some of the stats are not up to date. For more info please
see en.wikipedia.org/wiki/Bitcoin
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