How Bitcoin Works?
How Bitcoin Works…
Bitcoin is the future of money. It’s the first decentralized digital currency that works person-to-person without needing a bank of central repository.
WHAT IS BITCOIN AND BLOCKCHAIN?
Bitcoin is a new asset that uses a distributed public ledger to send the token from one person to another. This all happens without a central bank or third party and it’s not controlled by any individual company, or person.
All transactions are completely transparent and thousands of copies of the ledger are kept across a distributed network of computers with no single point of failure or possible manipulation. In other words, Bitcoin is a true decentralized asset that can move freely around the world and nobody can control it.
With Bitcoin you are given a public key and a private key. Your public key is your address that everyone knows (sort of like an email address or bank account number). Then your private key is what allows you to unlock your public key and send Bitcoins from one account to another. This acts like your password but it’s much more secure.
On the downside if you lose your private key there is no way to recover it so no matter which wallet you store Bitcoin in, make sure you back it up and keep your private keys safe.
Bitcoin was the first and it’s the most valuable blockchain asset. However, there are many blockchain assets available today and we believe there will be dozens if not hundreds of valuable blockchain tokens/assets that emerge in the future. This is why we decided to expand into Ethereum, Ethereum Classic, DASH, Monero, and Zcash mining.
WHAT IS BITCOIN?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
WHAT are AltCoins?
The word “altcoin” is an abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin. Altcoins are referred to as Bitcoin alternatives because, at least to some extent, most altcoins hope to either replace or improve upon at least one Bitcoin component.
WHAT is Mining?
Mining is an essential element of the bitcoin blockchain. click here to learn about Mining.
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