Bitcoin is an accounting system, a way of l recording transactions, recording value and allows people...

Bitcoin is an accounting system, a way of l recording transactions, recording value and allows people to transfer money to one another with being recorded on an open ledger

True or False?

Expert Solution

TRUE , Bitcoin is an accounting system , a way of recording transactions , recording value and allows people to transfer money to one another with being recorded on the open ledger . The bitcoin is a kind of computer file save in the computer or in the smartphone of the purchaser for the transactions . They can transfer the bitcoins to the other person for the transactions and without any middle men that means no bank will be present between the transactions of the businesses . Its very beneficial for the small and the medium sized businesses .

Every transactions done by the people is recorded in the public list that is called the blockchain . Its recorded for the purpose of not letting the people misuse the facilities provided to them for the better transactions . Every value of the transactions are recorded as per the time but the persons name are always kept disclosed . The purpose of recording the values is to not letting people to buy and sell the bitcoins out of there limits .

Rahul Sunny answered 1 year ago

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