Bitcoin and Blockchain explained well for Beginners

Bitcoin exceeded $11,000 dollars today for a brief period. Nobody knows what will happen next but it’s highly likely that it will continue to zoom past $11,000 towards new stellar heights as long as the demand for Bitcoin exceeds the fixed supply.

Many people still do not understand Bitcoin or Blockchain. It’s no wonder because Bitcoin is a very complex subject.

Here are some terms and ideas for you to better understand Bitcoin and Blockchain.

• Blockchain runs on the Internet
• Blockchain is a Distributed Ledger
• Blockchain retains history Forever
• Bitcoin is a Blockchain software created in 2007 by Satoshi Nakamoto (pseudonym)
• Bitcoin transactions are Anonymous
• Double Spending is not allowed with Bitcoin
• Bitcoin is Secure using SHA-256 Hashing functions
• No Centralized Authority controls Bitcoin
• Mining is Solving Computations to verify Bitcoin transactions

A great interview on The Rubin Report with Roger Ver helps explain this in more detail.

Flint Hills Group is a Custom Software Engineering company who also has a small team of Blockchain developers. If you have a Blockchain software project and would like a free project consultation, contact us at Flint Hills Group!