Tag: What is bitcoin and how it works

Understanding the Bitcoin Working Model
Business

Understanding the Bitcoin Working Model

Blockchain has changed the way we perceive, process, and verify the information. The applications of the concept are still being explored in various industrial verticals. The most high-impact blockchain applications have been built on the Bitcoin model. So how does Bitcoin actually work? First of all, Bitcoin or any other currency in this domain is not downloaded or uploaded anywhere. All transactions implemented with Bitcoin are recorded in a register or ledger, which is globally shared across the extensive peer-to-peer bitcoin network. Each transaction has to be verified and approved.  This is executed on computers hooked on to the network by a global volunteer group. There is no “main server” or “headquarters” for this network, hence no single point attack can bring the s...