15Mar2016

E-commerce: Technical Aspects of Bitcoin Revolution

Category: Ecommerce

Bitcoin [http://www.investopedia.com/terms/b/bitcoin.asp] cryptocurrency has being used widely around the world for already several years. First of all, let’s accept that it’s both robust technology and mature implementation. It’s going to be more important in our life as new tool coming to substitute old good bank accounts, wires and credit cards. Besides, blockchain [http://www.investopedia.com/terms/b/blockchain.asp] technology, that is an important part of bitcoin system, potentially provides solutions for plenty of problems beyond E-commerce an financial transactions, based on the same general principles as bitcoin — decentralization and privacy.

Transactions

The main goal of any currency system is to providing ability to exchange or transfer money from one account (or wallet) to another. Bitcoin schema is based on transactions as well. E.g., Alice is going to send 5 BTC to Bob. The transaction in this case consists of 3 main parts:
● Bob as destination of the transaction
● 5 BTC amount of transferred money
● Source of the money where Alice was received it from. E.g., Dale sent Alice 5 BTC.

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