Bitcoin (the System) is providing a peer-to-peer version of electronic cash, by computationally securing an online cash transaction with a cryptographic hash function, using digital signatures to proof ownership of the message on the Bitcoin network.
Introduction to Cryptographic Currencies
Cryptographic currencies are distributed, decentralized digital ‘money’ that are available near instantly worldwide. Unlike traditional currencies, crypto currencies are issued and managed without any central authority involvement whatsoever
Cryptographic Currency Series
This series of crypto-currency posts will systematically give an overview of Bitcoin to gain an understanding of the concepts and operations, starting with an introductory overview (in the first few posts) before exploring the possible impact, advantages or disadvantages and disruption it will cause.