What’s Bitcoin and How It Works?
Bitcoin, described as the cryptocurrency, virtual currency or digital currency – is one kind of money, which is totally virtual. It is like the online version of money. You may use this to buy any products or services, but not several stores accept Bitcoin and there are some countries that have banned this currency, so you need to check it with the country bitcoin news. Physical Bitcoins that you see in the photos are novelty. They will be worthless without private codes that are printed in it.
How does the Bitcoin work?
Every Bitcoin is generally the computer file that is stored in the ‘digital wallet’ application on the computer or smartphone. People will send Bitcoins (part of one) for digital wallet, and send Bitcoins to people. Each single transaction will be recorded in the public list named blockchain. So, this makes it likely to trace history of the Bitcoins to stop the people from spending any coins that they don’t own, and making copies and undo-ing transactions.
Why are the Bitcoins So Valuable?
Bitcoins are valuable just because people think they are. There are many things besides money that we consider highly valuable like diamonds and gold. Bitcoins are highly valuable because many people are keen to exchange it for the real goods or services, and also cash.
Why people want Bitcoins?
People know the fact that the Bitcoin isn’t controlled by any government and banks. People will be able to spend the Bitcoins anonymously.