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Legit explanation of bitcoin Bitcoin is a digital currency, tied to no government, that can be exchanged for U.S. dollars and other national currency. It consi
by ryanmarsh 9y ago
Legit explanation of bitcoin
Bitcoin is a digital currency, tied to no government, that can be exchanged for U.S. dollars and other national currency. It consists of a public ledger of all bitcoin in circulation and the transactions in which they are used. To own bitcoin, a user must possess two codes; a public key that identifies individual bitcoin, and a private key akin to the signature needed to write a check. To carry out transactions, those codes are passed between bitcoin wallets, where they are stored by users.
- flashmob 9y agoLet's have a look... > and a private key akin to the signature Nope, a private key is not akin to a signature. It's akin to a... key? Or perhaps a special pen / wax-seal that you use for signing? I don't think there is an exact analogy? > To carry out transactions, those codes are passed between bitcoin wallets Lol, nope. Private keys are not passed around. Neither the public keys (assuming they mean 'addresses' here), which are actually hashes of the public key.
- ryanmarsh 9y agoOrdinary folk think it takes a signature for a check or credit card receipt to be valid. As far as they're concerned it's the same as a private key. It might sound ridiculous to you but it's closest from their perspective.