Beginner’s guide to Bitcoin, How does it work?
What is Bitcoin?
Bitcoin is the most popular cryptocurrency by market cap. Bitcoin was founded by an unknown group or person in the year 2008. When it was invented it was named Satoshi Nakamoto, it finally came to the market in earlier 2009. Nowadays, Bitcoin is the most secure internet transaction system and world largest cryptocurrency.
How does it work?
Every single Bitcoin is a computer file and it is stored in a 'Digital Wallet', it could be on your smartphone app or computer. People who have bitcoins can send Bitcoins to other Bitcoin wallets using the E-mail system. All of the transaction of Bitcoins is recorded in the blockchain, as a public list. Bitcoin is open for everyone, anyone can buy Bitcoins by using the local currency.
What it is used to be and why peoples love it?
Basically, peoples are using it for making secure transactions, but it is also used for investments. After invented in 2009, the prices of Bitcoins are getting up and down many times. Peoples love it forthe strong security system and secure transaction. There are no controls from any governments, and no chance to make duplicate! There is no identity available to others unless you tellyour wallet.
Is Bitcoinsafe for peoples?
You can send money anonymously to others and it can’t be copied by others so, it is safe for you. A lot of peoples thought that it is not a good thing to turn real money into Bitcoins. Because you can lose it forever if you forgot any information about your wallet. Anytime its price can down because it doesn’t have any authority. Overall it’s a very good transaction system, but it could be risky for investments.