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Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash

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Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash

What is Bitcoin

What is Bitcoin

Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and was released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining.

They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been criticized for its use in illegal transactions, it's high electricity consumption, price volatility, thefts from exchanges, and by reputable economists stating that "it should have a zero price". Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

Basically What is Bitcoin?


What is Bitcoin

Bitcoin often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.

It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.

The physical Bitcoins you see in photos are a novelty. They would be worthless without the private codes printed inside them.

How does Bitcoin work?


A Bitcoin wallet app on a smartphone
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.

People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.

Every single transaction is recorded in a public list called the blockchain.

This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.

Is it secure?

Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own.

It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely.

The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don't think it's safe to turn your 'real' money into Bitcoins.

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NEtechy: Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash
Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash
Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash Basically What is Bitcoin? How does Bitcoin work? - A Form of Electronic Cash
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