Bitcoin is a digital currency or a cryptocurrency that came out recently and is a type of currency that is truly your own without depending on any bank or government. Moreover, as the supply of the bitcoins is fixed, they will always be a rarity to be cherished and therefore, these coins have attracted a lot of investors, leading to a massive rise in value. If you’ve been wondering ‘how does bitcoin work?’ and ‘is it profitable to invest in bitcoins now’? then you can find it out here.
The working of bitcoin
There’s a digital wallet available online where you can trace the bitcoins you own and send and receive them from other people. The bitcoins can also be viewed as computer files that you can send or receive and every transaction that you make is recorded in Blockchain, a public list that allows the Bitcoins’ history to be tracked so that people don’t make transactions with the bitcoins that they do not own. With this list, it is also possible to make copies of the transactions that occurred and undo them. This is a simple explanation of how does bitcoin work.
Bitcoins can be obtained from selling things to people who own bitcoins or they can be bought directly using other types of money. Bitcoins can also be obtained from mining, writing blogs about bitcoins, or using the various sites that offer bitcoins for watching ads, completing surveys, and doing various jobs for them.
As every transaction that is made using bitcoins is public and it is hard to copy them, they are very secure as well.