While you might love to invest in Bitcoins today, did you know that it isn’t a concept that is entirely new?

The Bitcoin blockchain technology actually dates back to the year 1991.

It was then that two researchers published a document about a technology where documents that are available digitally can be time-stamped. They talked about how a date could be placed on these documents in a way that no one could meddle with those documents or simply change them.

It was only about two decades later that we got the first sniff of Bitcoin – the cryptocurrency that has changed the world.  Today, you can buy bitcoins with a credit card, and invest as you wish.

Bitcoin in Delineation

Bitcoin is the newest generation of currency. It is often known as the earliest of all the cryptocurrencies that came into existence.

However, the number of bitcoins available today is limited. In addition, the prices of these bitcoins are very volatile and they take quite a long transaction time, which can vary from hours to even days. It uses the basic encryption technique at the back-end that makes it safe to use. As the safety and security of their money is everyone’s priority, Bitcoin helps protect their hard earned money.

The Technology Behind Bitcoins

Looking to buy and invest in cryptocurrencies? You need to know the basics first. In order to proceed with Bitcoin, one needs to be aware of the technology other than the encryption algorithm that is the building block of cryptocurrency. The technology behind the Bitcoin is Blockchain.

The Top Features of Bitcoin

Here is a look at some of the things that makes Bitcoin one of the most interesting cryptocurrencies today, one that can possibly go in for mass adoption around the world.

• Blockchain works in a distributed manner.
• The Blockchain is a combination of two words, block + chain, which indirectly makes us aware of its storage strategy. It has multiple blocks and they have multiple records. All these are connected to each other with a chain.
• Checks the validity of a record INSTANTLY.
• Consists of multiple computers connected to each other. The changes made to one are made on others. It is not easy to hack.
• To access the personal data, a key is mandatory.  To receive money from another trader we need a public key, and to access our own money we need the private key.

Why is Bitcoin so Secure?

With bitcoin transactions, you don’t have to worry about your money going missing.  Each block is in connection with the other; the next block contains the address of the prior block. Due to this, any changes made to the previous block will change the address of the next block leading to a complex error. All this helps in checking illegal attempts to change the content of the block in transaction.