Chapter Eight: History of blockchain-Blockchain 1.0: Currency☆
Shubhani Aggarwal; Neeraj Kumar Thapar Institute of Engineering & Technology, Patiala, Punjab, India
Abstract
Bitcoin is a cryptocurrency, which is not backed by any country's central bank or government. It can be traded for goods or services with vendors who accept bitcoins as payment. These bitcoins are the blocks of secure data. This data is transferred from one person to another and verifying the transaction, i.e., spending the money that requires high computing power to safely verify the individual transactions. The P2P network monitors and verifies the transfer of bitcoins between users. It can be used to book hotels, shopping, financial transactions, buy video games, ...
