What is Bitcoin and how does it work?

What is Bitcoin and how does it words?

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Bitcoin is described as cryptocurrency, a virtual currency or a digital currency. It is an online version of cash.

Every single transaction is publicly broadcast to the network and shared from node to node. These transactions are collected together by miners into a group called a block and added permanently to public list called the blockchain.

It is a process that maintains the bitcoin network. All transactions are publicly broadcast to the network. These transactions are collected into blocks by completing a cryptographic calculation that is extremely hard to generate but easily verified.

Bitcoin is also adopted as official currency in El Salvador and Central African Republic.

The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don’t think it’s safe to turn your ‘real’ money into Bitcoins.