A layman's guide on how bitcoin is aiming to transform the global economy
Virtual currency Bitcoin that uses digital encryption for its operations was first introduced in the year 2008 by a pseudonymous group or individual named Satoshi Nakamoto.
In some way, Bitcoin is an alternative method to the global financial system. It has steadily worked its way towards dominating all aspects of the online community.
In Bitcoin, every transaction is recorded in blocks digitally that acts like a public ledger called “block-chain.”
Here, all the blocks are interconnected to each other through the use of hashtags and chronological order is formed, thus keeping security at a higher level.
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