What is it? How does it work?
Bitcoin
What is bitcoin?
Bitcoin, widely known as the first ever cryptocurrency, is a digital currency.
Bitcoin serves the same purpose as the money that we know but it is completely virtual. You can use it to buy products and services, but universally accepted around the world yet.
However, this is beginning to change and Bitcoin is slowly becoming more accepted in society.
How does it work?
Each Bitcoin is essentially a computer file which is stored in a digital wallet.
People can send Bitcoins (or part of one) to/from their digital wallets anywhere at any time.
Every single transaction is recorded in a public list called the blockchain.
Blockchain technology makes it possible to record the history of Bitcoins to stop people from spending coins they do not own or committing fraudulent activity.
