By abuse of language, we associate the term “bitcoin” at the same time …which operates without central authority on a peer-to-peer network, via encrypted transactions. All transactions are verified by the network nodes and recorded in a reputedly tamper-proof public register called a blockchain
Likewise, the term “blockchain” is used both for ….
With powerful computing resources, certain network nodes qualified as “minors” verify, record and secure transactions. These are grouped into blocks, which will then be “chained” one after the other to form the blockchain . The latest block is added to the previous one (the latter being said to be “mined”) by the first “miner” who succeeds in solving a difficult cryptographic problem called “proof of work”. This miner then receives a certain amount of bitcoins as a reward for his success, and the new block is propagated to all the nodes of the network.
As with any other currency, bitcoins can be exchanged for fiat currency, products or services by performing electronic transactions through software installed on a personal computer or mobile terminal, or through a web application
The technical aspects of bitcoin technology are much more ….
From its launch, bitcoin has been emulated by alternative cryptocurrency systems ( altcoins ) that use the same techniques, but with various optimizations. Likewise, blockchain techniques have been used, with success, to implement alternative chains ( altchains ) that allow applications other than electronic money (resource management or contracts), thus expanding the sphere of blockchain , which was originally devoted exclusively to financial transactions. There are already a few hundred altcoins and altchains , and these are in full development.
is called all that concerns electronic money and its operations (issuance, transfer, payment), blockchain 2.0 all financial and economic applications other than those related to money (stocks, bonds, futures, loans, mortgages, intellectual property, smart contracts) and blockchain 3.0 other applications outside the financial and economic spheres (administration, health, science, culture, art).
Bitcoin is currently the most widely used crypto currency in the world, with a growing transaction volume
For statistics on bitcoin, see …. Bitcoin and its alternatives ( altcoin, altchain ) are likely to transform the financial and economic landscape, but their implementation may encounter several technical difficulties, as well as regulatory, legal and societal challenges.