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Bitcoin is a decentralized digital currency that remains exchanged between two parties without the involvement of intermediaries. Such as banks or other financial institutions.

As defined in a document published by Bitcoin’s hidden inventor, Satoshi Nakamoto, Bitcoin is “a purely peer-to-peer version of electronic cash that would let online payments be sent directly. From one party to another without going over a financial institution.”

To understand Bitcoin, we need to understand the basic structure, how the Bitcoin ecosystem works, and the extent of its use in India.

Bitcoin uses peer-to-peer technology to operate without a central authority or banks; the network’s management of transactions and issuing of bitcoins remains collective. Bitcoin is open source; its design is public, no one owns or controls Bitcoin, and anyone can participate. Due to its unique features, Bitcoin enables exciting uses that any previous payment system could not cover.

How does Bitcoin work?

Bitcoin achieves the elimination of mediators through its underlying technology, blockchain. Currently, if you need to transfer funds to someone, one of the possible ways is to provide cash or use a trusted intermediary (such as a bank). Both mechanisms, whether physical cash (guaranteed by the country’s central bank) or electronic transfer, involve an intermediary (in the latter case, a bank or other financial institution). If intermediaries are involved, transaction costs are incurred.

Blockchain technology helps eliminate intermediaries by replacing the trust intermediaries bring with cryptographic proof using CPU computing power.

This cryptographic trust stays built into Bitcoin through a wallet, public key, and private key in the program.

Anyone can create a bitcoin wallet for free by downloading a bitcoin program. Each wallet contains a public key and a private key.

The public key is like an address or account number through which anyone can receive bitcoins.

A private key is like a digital signature through which a person can send bitcoins. The name suggests that private keys should only be held and known by the owner, and public keys can be shared with anyone to receive bitcoins. It is where you would hear in the news about bitcoins’ existence lost either because the private key is not accessible or hackers have stolen it. Owners of Bitcoin addresses remain not explicitly identified, then all transactions on the blockchain are public.

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