Bitcoin was the first ever true electronic value transfer of a currency in the world's history.It is being called a better-than-gold equivalent store of value and a medium of exchange to rival Visa, Mastercard and Paypal.Mining is the skeleton framework that enables blockchain's coveted bitcoin cryptocurrency application to run properly.This open source process is how new bitcoin is added to the money supply and also verifies all transactions done using the peer to peer bitcoin network.It doesn’t depend on banks or governments to operate and its creator Satoshi Nakamoto is a group of ghosts.Bitcoin is virtual money that can be sent from any place in the world to another, instantaneously, securely and for minimal to no fees (almost like an email or instant message of today).Buying bitcoin is simple to do and is the first step towards becoming an owner and user.
Satoshi combined the knowledge of prior digital currency developments (see the Nakamoto Institute) such as Hash Cash and B Money and finally got all the pieces to the puzzle to fit.
It was the first to succeed where these others failed to engineer a practical, autonomous decentralized peer to peer cryptocurrency that requires no central authority for money emission, validation of transactions or settlements.
The main innovation in Satoshi’s Bitcoin invention is the development of a distributed computational hashing system known as the “proof-of-work algorithm”.
Here’s the basic process you’ll need to follow: Bitcoin wallets allow the ‘be your own bank' to become reality.
Digital Wallets store a collection of cryptographic keys, each consisting of a private key and a public key.