Bitcoin is primarily a digital asset, meaning it is present electronically unlike conventional coin that is physically perceived by human. It was innovated by Satoshi Nakamoto back in 2009 bringing it into existence. Also named as world’s first cryptocurrency.
How to track bitcoins?
By now you must be thinking that there must be a way to keep track of bitcoins? Just like a bank, keeps records of people, accounts and all necessary details. The information about bitcoins and associated owner and transaction have done can be accumulated in ledger, just the way a passbook keeps individual details, but here it is about all the people using bitcoin. The ledger can be maintained and accessed by anyone anywhere, without seeking permission. Since, online lottery is not present physically it can still be stored with you by following any of the methods namely, you can store it in your local hard drive wallets in your system next by manually writing down codes associated with your bitcoins on paper if you do not prefer to keep it online or on system and lasting by using online wallets.
Coming down to how transactions are made?
It is as easier as few clicks away with no third person involvement. Bitcoin comprises public and private key that makes it possible. Public key acts as your account number, so if someone wants to send you bitcoins or make payment of goods then they can use your public key. Here, the private key acts as your password, which means that it is confidential and posses security risk issues.
