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tag:What is bitcoin? Bitcoin physical Physical Bitcoins are part of Modernism Bitcoin, often described as cr...
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What is bitcoin?
Bitcoin physical
Physical Bitcoins are part of Modernism
Bitcoin, often described as cryptocurrency, virtual currency, or digital currency - is a type of money that is completely virtual.
It is like a cash copy online. You can use it to buy products and services, but many stores don't accept Bitcoin yet and some countries have banned it completely.
The physical Bitcoins you see in the pictures are new. It will be worthless without special characters printed within it.
How does Bitcoin work?
Bitcoin wallet on smartphone
Bitcoin wallet application on a smartphone
Every Bitcoin is basically a computer file that is stored in the Digital Wallet app on a smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Each individual transaction is recorded in a generic list called blockchain.
This makes it possible to track the history of Bitcoins to prevent people from spending coins they do not own, or to make copies or cancel transactions.
How do people get bitcoin?
BitDENES FARKAS Coins
There are three main ways to get bitcoins.
You can buy Bitcoins with "real" money.
You can sell things and let people pay you with Bitcoins.
Or it can be created using a computer.
How are new bitcoins created?
Bitcoin mining device
People build private computers to create Bitcoins
In order for Bitcoin system to work, people can perform their transactions on each person's computer.
Computers are designed to work on very difficult sums. Sometimes they are rewarded with Bitcoin for ownership.
People have built powerful computers to try to get Bitcoins. This is called mining.
But sums are getting more and more difficult to stop a lot of bitcoins.
If you start mining now, it may take years before you get one bitcoin.
You could end up spending more money on electricity for your computer than the bitcoin value.
Why are Bitcoins so valuable?
Bitcoin accepted here signREUTERS
Bitcoins are simply valuable because people think they are
There are a lot of things other than money that we consider valuable like gold and diamonds. Use the Aztec Cocoa Beans to perfection!
Bitcoins are valuable because people are willing to exchange them for real goods and services, even cash.
Why do people want Bitcoins?
Some people love the fact that Bitcoin is not controlled by the government or the banks.
People can also spend their Bitcoins somewhat anonymously. Although all transactions are recorded, no one knows which “account number” you had unless you told him.
Is it safe?
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Every transaction is recorded publicly, so it is very difficult to copy Bitcoins, create fake transactions or spend transactions you do not own.
It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been robberies from websites that allow you to store your Bitcoins remotely.
The value of Bitcoins has risen up and down over the years since its establishment in 2009 and some people don't think it safe to transfer your "real" money to Bitcoins.
Last update
Feb. 21, 2021