We will start with the most basic question: What is Bitcoin?
Bitcoin is a digital currency, or "cryptocurrency", thanks to the fact that with the help of cryptography it secures transactions within its own infrastructure, which is a shared Internet database, or blockchain. What is the abbreviation for Bitcoin?
The acronym for Bitcoin is simply BTC. The same principle applies as for USD (US Dollar) and EUR (Euro). Bitcoin can also be paired with other currencies. In this case, the name of the CFD instrument can be, for example, Bitcoin against the US Dollar, or BTC / USD.
How does Bitcoin work?
Bitcoin provides the ability to make fast, secure and cheap peer-to-peer payments, without the need for a bank or CPU.
The system of transactions takes place directly, between digital user "wallets", and is checked and verified using a blockchain. Transactions are digitally signed with unique personal passwords (keys), which confirm that they originate from the owner of the "wallet".
What is BLOCKCHAIN technology?
Blockchain is a decentralized public ledger that records all Bitcoin transactions that have ever been conducted. A number of transactions form a database unit called a “block,” and each block stores information about the previous block, just as each transaction stores information about the transaction that preceded it. In this way, the blockchain enables complete transparency of payments.
Blockchain, as a Bitcoin infrastructure, is a revolutionary method of storing data that is accessible to all, that is completely transparent, that has been developed using open source, and does not belong to any person or entity. Instead, blockchain maintenance takes place with the help of the collective power of millions of computers that verify transactions and attach them to “blocks”.
Collectively verified transactions cannot be modified or deleted, so all Bitcoin payments are final and undisputed.
The next article will be about how to mine BTC
well you can track the btc transactions but I doesn't mean that you can track everytime who the owner is incase if they are hacked funds. Mostly hackers use exchanges which have no kyc so it impossible for anyone to track who that user was.