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23 Oct 2021

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What is Bitcoin? – Definition, Works, and More
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What is Bitcoin? – Definition, Works, and More

Definition of Bitcoin

Bitcoin is the decentralized digital currency that we can buy, sell and exchange directly, without an intermediary like a bank.

Also, Bitcoin initially describes the need for “an electronic payment system based on cryptographic proof instead of trust.” Every Bitcoin transaction that’s ever remain made exists on a public ledger accessible to everyone.

And it makes transactions hard to reverse and difficult to fake. That’s design: Core  it decentralized nature, Bitcoins are not backed by the government or any issuing institution.

Also, there’s nothing to guarantee the value besides the proof baked in the system’s heart. “The reason why it’s worth money simply that we, as people, decided it value—same as gold.

Since its public launch in 2009, Bitcoin increases dramatically in value. Because its supply limited to 21 million coins, many expect its price to only keep growing as time goes on.

It especially as more large, institutional investors begin treating it as a sort of digital gold to hedge against market volatility and inflation.

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How Does Bitcoin Works?

Bitcoin built on the distributed digital record called the blockchain. As the name implies, blockchain links the body of data.

Also made up of units called blocks that contain information about every transaction. Also including date and time, total value, buyer and seller, and the unique identifying code for each exchange.

And entries strung together in chronological order, creating a digital chain of blocks. And “once the block extra to the blockchain.

It becomes accessible to anyone who wishes the view it, acting as a public ledger of cryptocurrency transactions.

Also, blockchain decentralized, which means anyone organization does not control it. “It’s like Google Doc that anyone can work.

And nobody owns it, but anyone who links can contribute to it. And different peoples update it our copy also gets updated.

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