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.