What is Bitcoin


Bitcoin is a form of digital currency, also known as crypto currency that is created and held electronically. No one controls it. Bitcoins aren not printed, like dollars or euros - they are produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

Bitcoin can be used to buy things electronically. Basically, it is like fiat currency, etc dollars, euros, or yen, which are also traded digitally.

However, bitcoins most important characteristic, and the characteristic that makes it different to fiat currency, is that it is decentralized. No single institution or government controls the bitcoin network. This puts some people at ease, because it means that a large bank can not control their money.

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What is Bitcoin?

    • 1.Miners create Bitcoins by using computers to solve mathematical functions. The same process also verifies previous transactions.

    • 2. Users download a Bitcoin wallet that works a little like an email address, providing a way to store and receive currency. Bitcoins can be transferred from one wallet to another using a web browser or a phone app.

    • 3. Bitcoin exchanges will trade between conventional currencies and Bitcoin, offering a way into the marked for non-miners, as well as a way to cash out.

    • 4. Business create a wallet in the same way as an individual user, typically using a website button to enable a Bitcoin payment. For in-the-flesh enterprises, QR codes can be used to let customers pay quickly and easily.