Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, He published the white paper in 2008 and released open-source software in 2009. The system is peer-to-peer, transactions can be done directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses bitcoin as its unit of account. Bitcoin is the first decentralized digital currency.
O3 wallet is a software that anyone can download and use - to secure, send and recieve bitcoins. O3 wallet Technology Pty Ltd is based in Melbourne, Australia
A blockchain is a distributed database, that maintains a continuously-growing list of data records that each refer to previous items on this list and is thus hardened against tampering and revision. This ledger of past transactions is called the blockchain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Bitcoins can be earned by providing goods and services, buy from trading platforms or from existing owners of bitcoins. Bitcoins can also be mined using specialized mining hardware (this will require large upfront capital and involves risk)