JIFU

Nov 12, 2020

3 min read

Understanding Bitcoin

Do you know how Bitcoin Works?

If your answer is no, you can find out in this article. If your answer is yes, you can add your voice in the comment section. At JIFU, we use Bitcoin to create faster, secure, and smart transactions.

Bitcoin is a cryptocurrency, an innovative payment network, and a new kind of money. Even though you can get started as a new user of bitcoin and other crypto coins like Ethereum and JIFUcoin, it is essential to understand the technical details of this currency of the future.

Bitcoin Wallet

The wallet is a digital product or software that you can install on your computer or mobile device. The first step in using Bitcoin is downloading the mobile wallet and generating your first Bitcoin address. This address will serve as your payment gateway, like your bank account in traditional banks that you can use to send or receive payments. It is easy to create, and one should be created only once.

Blockchain

Bitcoin relies on the blockchain that serves a shared public ledger that stores all confirmed transactions. Your Bitcoin account statement is similar to the bank statement, but everyone’s account statement and the transaction is stored in the blockchain ledger. You can calculate your balance in your wallet, how much you can spend, and verify new transactions. This technology uses cryptography to ensure secure transactions take place on the blockchain.

Transaction

A transaction occurs when there is an exchange of value between two Bitcoin wallets, and the details are recorded in the blockchain. The Bitcoin wallets hold a secret private key or seed required to authorize transactions, giving mathematical proof that the wallet owner initiates them. The signature also prevents the alteration of an issued transaction by anybody. All transactions are sent to the network, and confirmation usually takes 10–20 minutes through mining.

Mining

Mining is a broadcasted consensus system used to confirm pending transactions by including them in the blockchain. Different computers have to agree on the system’s state; therefore, it enforces a chronological order in the blockchain for the network’s neutrality. For confirmation to occur, transactions must align with blocks that fit strict cryptographic rules that the system must verify. The restrictions prevent modifying previous blocks as doing so will render subsequent ones invalid. This method ensures that no person or group can alter what is on the blockchain to revert their spending.

Before we wrap up this text, do you know that you can participate in our JIFUCoin private sale? Well, that’s the good news you get for reading this far. There is a private sale going on currently with countless benefits. Still not sure? Enjoy the article and head over to our site to get some JIFUcoin, and let’s make some money together. Don’t keep this opportunity to yourself; share it to bless someone on your platform. Bitcoin is easy to use and available to everyone who desires to evolve in a safe and secure way.

*JIFUcoin is not available for purchase in the US, Columbia, and wherever prohibited by law.

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