Bitcoin is the shape of digital money, created, and stored electronically. Unlike traditional physical currencies like euros or dollars, Bitcoin is not printed, i.e., it has no physical form. Instead, bitcoin is created by computer scientists around the world, using programs that solve mathematical problems. Bitcoin is also a liquid exchange medium that we can pay for more and more things! Every now and then, we hear that more institutions, stores, and other companies are starting to accept bitcoin. This has a lot of compensation compared to e.g., international bank transfers, bitcoin price where money has to pass through several banks along the way and thus be saved on several subsequent virtual account books.
Blockchain technology
This technology can easily be visualized as a tower built of blocks. The tower symbolizes the current status of cryptocurrency accounts (who and how many have them), seen by all Bitcoin users. Each new block contains information about all new transactions that change the current status of accounts. The new block must be properly encrypted and adjusted in order to be placed on the tower. After the whole complex process of performing mathematical calculations bitcoin price in the global computer network, the block is attached, and as a result, new transactions are finalized. The Bitcoin system transfers funds previously declared by users. If we tried to remove or move the block from the bottom of the tower, the whole structure would be destroyed, because each block in the tower has information from the previous block encrypted in it. Inserting a block with different information (a different code) would result in a mismatch with the previous one. Moreover, all subsequent blocks would be disconnected. As a result, the information contained in the tower would be treated as false. That is why blockchain technology is recognized as a breakthrough in the field of security.