Bitcoin is a cryptocurrency that can be use to buy any good or service wherever it is accepted. It is a free and also, decentralized digital currency that allows transactions without the need for intermediaries. It uses peer-to-peer technology, which reduces the transaction to the parties involved who send and receive the Bitcoins through a digital wallet or wallet with a Bitcoin address, similar to a bank account but free of all kinds of control or bureaucracy.
How does Bitcoin Work?
Bitcoin was born and also, lives on the Blockchain (Chain of Blocks). And also, what is Blockchain? It’s hard to explain, so let’s take an example instead.
Imagine the internet as a playground. The children exchange stamps, food or toys, but all transactions are under the control of the teacher, who keeps a commission.
One day, the children decide to “decentralize” their exchanges and also, create a shared and transparent ledger. This book consists of identical blocks or nodes in which the exchange information is automatically updated, and also, each child has access to one of them.
Characteristics of Bitcoin
Its characteristics make Bitcoin a unique currency, and also, other existing cryptocurrencies have replicated its model. Although with, some differences from those of this cryptocurrency:
Therefore, the money supply is limited to 21 million tokens, which are reduced to 50% in halvings every four years, reducing the miners’ reward.
- All though, transactions that have been validating cannot be banned or censored
- It is creat with an open-source
- It is accessible to all users around the world
- It is not necessary to identify yourself to use them
- Can remain exchanged with any fiat currency or other cryptocurrency
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