BITCOIN the new way to earn.

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary and these transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. It was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

 In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address is nothing more than picking a random valid private key and computing the corresponding bitcoin address.If the private key is lost, the bitcoin network will not recognize any other evidence of ownership, the coins are then unusable, and effectively lost.
Courtesy: Business Insider

 A wallet stores the information necessary to transact bitcoins.There are different types of wallet -

  • Software wallets:connect to the network and allow spending bitcoins in addition to holding the credentials that prove ownership. It is of two types.                                             1. Full Client: It is also called as a full node. In the early days, even a basic laptop could  run a full client. Today full clients are run on specialized hardware. It takes about 2    days to sync with the entire network as part of the initial setup and consumes        around 100 GB of storage.Every aspect of the protocol is taken care by the full client. There is absolutely no dependency on any third party service. A good analogy will be running a full email server where the server takes care of all communication and continuously synchronizes with the network. Some examples of Full client are bitcoind and Bitcoin core.                                                                                                      2. Lightweight client: This is like running MS-Outlook on your local PC. It will download and communicate only pieces of information that matter to you. In terms of Bitcoin — it will only communicate the information about your Bitcoin addresses and keys. These clients do not download the entire history of transactions. These clients are also called as Thin clients. When the clients are accessed from a web browser they are called as web clients and when executed from a smartphone they are called as mobile clients.
  • Besides software wallets, Internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware
  • Physical wallets store the credentials necessary to spend bitcoins offline.                          

    Courtesy: Wikipedia.

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