What Is Bitcoin And How Does It Work ?

In 2008-09 Bitcoin was invented, but in the year of 2017 “Bitcoin” term gone so popular that it started trending all over the internet and people started writing articles on it, started working on it and almost everybody got aware with the term bitcoin.

Now as many years have passed, Still if you don’t know what is bitcoin and how does it work ? don’t worry … we will update you with this term in simple language. So, are you excited again to revise or learn about what is bitcoin and how does it work ? Want to know ? Then you need to read the entire article as it covers all the required information.

If you are an internet freak and a keen person who loves to know about new terms and things everyday then you might have clashed with this term bitcoin. So, what is bitcoin and how does it work ? If you fall in that category of people who are unaware about what is bitcoin then we have all the info here for you.

Let’s not discuss more things and checkout what is bitcoin and how does it work ? If at the end you liked the information that we shared with you about what is bitcoin and how does it work do share it as much as you can.

What Is Bitcoin ?

Bitcoin, which is also known as BTC, is a currency that is stored digitally. In simpler terms you can call it as a Digital Currency or Internet Money. It is a cost-free transaction medium, In which any government body or banks can not interfere.

Bitcoins are not physical they only exist in systems or we can see them in digital numbers. Bitcoin is a word that is a combination of two different words that is Bit and Coin.

This currency can also be defined as a version of cash that is only available on the internet and if you have good number of bitcoins you can even make use of them to buy various products or things. Some countries welcomes bitcoin whether on other hand there are some countries that are in doubt to regulate or ban it.

Now so far you are clear with the concept of what is bitcoin, the second question that might be hitting your mind at this moment is how does bitcoin work ? The working methodology of bitcoin is not a rocket science, it is easy if you love to play in lap of technology.

How Does Bitcoin Works ?

As mentioned above, every single bitcoin is a virtual coin that is stored or saved in a system as a digital number inside a crypto wallet which we also known by the term of “ Digital Wallet ”. It is an application easily available for computers as well as for smartphones.

Whenever a bitcoin user makes a transaction, that particular transaction instantly gets recorded in a public list, that public list in which the transaction is recorded is known as the “ Blockchain ”. In simple terms, Blockchain means every block is connected with each other in a chain format and it is impossible to delete any stored data from it.

With this it becomes easy for authorities to keep an eye on transaction address where customers are spending the bitcoins.

Crypto Currency FAQ

1. Necessity of Bitcoins ?

Basically, people want to keep bitcoins with them because it is easy way to buy products from those countries that accepts bitcoins and they do not have to answer or give any kind of explanation to the government or banks.

2. Is it safe to use Bitcoins ?

Yes, it is totally safe to use bitcoins because every single transaction made by the customer is tracked and it is next to impossible for any one to copy bitcoins of others or create fake. So, yes .. you can trust the bitcoins and make use of them without worrying much.

3. Is Bitcoins and cryptocurrency same ?

Yes, bitcoin and cryptocurrency are the same things just the name are different. Some call this virtual currency by the name of bitcoin and some call it cryptocurrency.

4. How can I get bitcoins?

In order to get a bitcoin or a bunch or bitcoins, you can pay the real penny and buy as many bitcoins as you want. If not this then you can sell items that you do not use anymore and ask for bitcoins in return instead of money. Or you can create them by your own using the computer.

Mentioned above are all the details about what is bitcoin and how does it work ?. Technology is going rapidly and day by day we are learning about new technologies that are been inventing by our technology geeks.

Previously when there were no computers and mobile phones, people were not getting any platform to showcase what they got and slowly everything invented and some genius gave us many kinds of technologies that have made our life much easier.

Wrapping Up

We hope you liked the information that we just shared with you on what is bitcoin and how does it work ?. If you think this information must be shared then share it now with your circle and spread the awareness. Also, stay tuned with us if you want to know more about how technology is ruling the world at present.

We will be back soon with more interesting information that will give you goose bumps and we assure you that you will enjoy reading that information. Till then keep visiting and reading the information on our site. Live your life to the fullest and enjoy the latest technologies.

Note : Please don’t take CryptoEmotions‘s any article as an investment advice. Bitcoin is not regulated or adopted by all the countries till now, many government body is in doubt and trying to understand it closely. So, CryptoEmotions’s family respects every decision on bitcoin or cryptocurrency. Our only aim is to update & educate you.

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