What is Bitcoin?

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Bitcoin transactions are stored in a globally-readable block chain. Each individual block contains a list of transactions, a proof of work (a partial hash collision that depends in part on the preceding block), a timestamp representing the approximate time the block was created, and some additional information. When a new block is created, 50 bitcoins are added to the account that created the block until the pre-defined limit of 21 million bitcoins is reached. Each new block represents a confirmation of previously stored transactions, making it increasingly harder to revert those transactions. Approximately 126,500 blocks have been created to date. (Source)

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Posted: May 25th, 2011
at 1:14pm by mnp


Categories: business,internets,what is?,trade,innovation

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