/ BITCOIN \
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Hello friends am back again with new topic, today we are going to learn about bitcoin. SO YOU MAY be thinking do it have any relationship with hacking. O YA! It has a relationship with hacking, am comming to it, before that we must know, what is bitcoin is ? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. So What is cryptocurrency ? A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Who is Satoshi Nakamoto ? Nakamoto has claimed to be a man living in Japan, born on 5 April 1975. As of 24 May 2017, Nakamoto is believed to own up to roughly one million bitcoins, with a value estimated at approximately $2.7 billion USD as of June 2017. So you Understood about bitcoins orgin and its uses, so now lets discuss how it works ?
Bitcoins are completely virtual coins designed to be 'self-contained' for their value, with no need for banks to move and store the money.
Once you own bitcoins, they behave like physical gold coins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.
Bitcoins are traded from one personal 'wallet' to another.
A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud. How are bitcoin made ? A bitcoin, at its core, is a very simple data ledger file called a 'blockchain'. A blockchain's file size is quite small, similar to the size of a long text message on your smartphone.
Each bitcoin blockchain has three parts, two of which are very simple, its identifying address (of approximately 34 characters), and the history of who has bought and sold it (the ledger).
The complex part of the bitcoin is its third part, the private key header log. This header is where a sophisticated digital signature is captured to confirm each and every transaction for that particular bitcoin file.
SO Now back to main topic, do it have any relationship with hacking ? Yes it has, have you heard about wanna cry ransomware ? Its the attack used by blackhat hackers to encrypt your computer and ask money to retrieve your encrypted files in your computer, so while asking money hackers cannot give there bank details to the victim, if they give then hacker will be caught easily. So they started to ask money via bitcoin. (the best part in bitcoin its end-to-end encrypted, so that sender dont know whom they are sending money, while sending money they can only see hashcode so its good for a hacker) The hacker is untraceable. :-D if you are a blackhat hacker then to take money from victim, bitcoin would be the best choise.
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