HOW BITCOIN IS DECENTRALIZED?
Cryptocurrency Bitcoin is a decentralized digital currency without financial administrator which will be sent from user to user on the peer-to-peer bitcoin network without the requirement for intermediaries.
The transactions of Bitcoins are confirmed by the nodes network through cryptography and recorded in a blockchain. Bitcoin was invented in 2008 by an unknown person or group of individuals along with the name Satoshi Nakamoto and commenced in 2009 when its ASCII text file was released as open-source software. Bitcoins are created as an award for a process referred to as mining. They'll be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there have been 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Bitcoin has been denounced for its use in illegal transactions. Bitcoin has also been used as an investment, although lots of agencies have alerted investors about bitcoin.
Why Bitcoin is decentralized?
- Bitcoin doesn't have a central authority.
- Without any central server, the bitcoin network is peer-to-peer.
- Anybody can store the public ledger on their computer.
- They are issued as an award for the creation of a brand new block.
- Anybody can create a brand new bitcoin address (a bitcoin counterpart of a bank account) without any approval.
- Anybody can send a transaction to the network without a need for any approval; the network merely confirms that the transaction is legitimate.