If you’re having trouble understating what is Bitcoin and how it works, you’ve come to right place. Here we’ve answered your mostly asked questions. Let’s have a look at them below:
What is Bitcoin?
Bitcoin is fully digital money introducing a new kind of payment system. There’s no central body controlling or regulating Bitcoins. Bitcoin isn’t like the currency in your purse; it’s a digital form of currency that has no physical value. Moreover, it is not controlled or regulated by any central body like government bank. You can’t say anything for sure about cryptocurrency due to its high volatility nature.
What makes it super awesome is that no one can know about the identity of sender and receiver. Bitcoin like other cryptocurrencies employs encryption to control and secure transactions and the production of new units. It was introduced by an unknown person Satoshi Nakamoto in 2009. The idea was to create a digital currency not controlled by any central government bank. Bitcoin has spawned a host of other new cryptocurrencies.
How Does it Work?
Bitcoin works on a very special technique called cryptography to confirm transactions. All the changes and transactions are recorded on a digital ledger named Blockchain by the miners. These miners don’t mine themselves; they use a very powerful computer for mining.
What is Bitcoin Wallet?
A wallet is used to receive and sell cryptocurrency. Your crypto adventure can’t be successful unless you choose the right cryptocurrency exchange or wallet. They are available in abundance online. So, one can easily be confused with different service providers claiming to be genuine and secure. You’re not supposed to trust everyone as you can lose your hardly-earned money in a matter of few clicks.
How you look at this? Please feel free to offer your thoughts in the comment section below.