NetCents

Search our help centre or submit a support request.

Bitcoin

Follow

Bitcoin was the first crypto currency available. It is advertised as a decentralized digital currency, meaning that all transactions take place on a peer-to-peer level without the intervention of banks or a central administrator. Bitcoin uses a public ledger known as the blockchain that allows a decentralized network to verify and confirm each transaction made. Transactions on the blockchain are grouped into blocks that are processed together with roughly six blocks being added to the blockchain every hour. Bitcoin uses SHA256 which is a cryptographic algorithm to link each block to the previous and following blocks which gives the blockchain its name.  Each of these blocks are distributed through the network to ensure that when the transactions are confirmed, they are also independently verified by other members of the network. The Bitcoin network does charge fees when processing these blocks and the fees scale with the priority that users have placed on any given transaction.

Bitcoin is available on the NetCents exchange for trading along with Ethereum, Litecoin and NCCO. NetCents users are also able to transfer their Bitcoins into and out of their external wallets as well as transferring to other users from the NetCents platform.

Was this article helpful?
1 out of 1 found this helpful

Comments