Sunday, June 10, 2018

Bitcoin - How Cryptocurrencies Work

Bitcoin and Blockchain - How Cryptocurrencies Work

  • Bitcoin and other cryptocurrencies are digital currencies that only exist electronically.
  • Bitcoin could be considered a Universal Currency, accepted globally.
  • The Blockchain is a huge global ledger that records every Bitcoin transaction that has every happened.
  • The Blockchain is decentralised. Many, many people keep track of transactions, they are known as miners.
  • Bitcoin is not attached to a Government or any regulartory body.
  • Bitcoin can be exchanged through a peer to peer network to pay for goods or services, and is secured by the use of 'keys'.
  • Your digital wallet is attached to your private key and your public key, enabling the transfer of digital assets to occur with the utmost security.
  • Assests are transferred using extremely complex mathematical problem solving.
  • Volunteer miners around the world spend thousands of dollars purchasing computers which enable them to solve each mathematical problem to maintain the blockchain.
  • Miners are rewarded with Bitcoin.
  • The available number of Bitcoin will therefore decrease over time.
  • When the available number of Bitcoin decreases, the value goes up = profits.
  • Buy Bitcoin through a Cryptocurrency Exchange today.

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