Finance

Finer Options for the Perfect Bitcoin Now

Bitcoin is a generis currency, which in my opinion the simplest definition would be that of a dematerialized fiduciary currency, the guarantee of integrity being given not by a central bank but by a community. It does not allow the issuance of deposit money unlike conventional currencies; proof of ownership is not registered in an account but the possession of such currency in wallet electronics a “wallet”. As a result, the money supply is almost constant and increases only through the mining process, as indebtedness and credit do not increase the money supply in circulation.You can Check Out This Website for more.

The Base of Cryptocurrency

These crypto-currencies are based on the Blockchain. Contrary to a commonly held idea that we shared until we decided to search, the Blockchain is not a decentralized database. It is a distributed data system that can only be updated by events, transactions, smart contracts. The French Wikipedia article wrongly describes it as distributed data management databases, since the Blockchain contains no data but events whose aggregation constitutes a result.

  • One of the merits with a strong anarchy-libertarian connotation is that the proof of detention and the authentication of an event is made not by a third-party certifier (Central Bank, Payment Agency), most often the holder of a database. Centralized (Visa, MasterCard,) but by the ecosystem of the Blockchain which includes the involvement of all the active nodes in a peer-to-peer network. But the corollary of the validation by the ecosystem is that it is essential that the characteristics of an event and all the events concerning a channel are public (Amount of a transfer of funds,), it is the concept of “open ledger”. It is not certain that the fanatics of the BTC have all understood that their financial movements are or have been public although the sender and the recipient are anonymous, and do not jump with joy by discovering it!

Privacy

The privacy in the Blockchain is actually the negative of some information exchange systems like What Sapp. In WhatSapp, the big ears can know who you have been in contact with and when but cannot have the content of the message, these same prying eyes can know which transaction has been done and when but cannot know who to do it with.

The similarity of a Blockchain with an accounting journal is perfect. Each event affecting an account is registered, it is impossible to cancel an accounting entry except reverse it because each accounting entry is in principle intangible. The only difference with an accounting journal is that there is no balance management or carryover again, the balance being recalculated at each operation by aggregating the entire history. Certainly, compared to what we read on the Internet Blockchain, the comparison lack of glamor and we are used to more bling-bling on Blockchain necessarily revolutionary.

 

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