Bitcoin is digital and virtual money which is cash in the online version. You can exchange these coins with real products and services though it is still not so much in use and several countries have already banned it. The pictures that you see of bitcoins are worthless without the private code in it.
How bitcoins work?
These bitcoins are computer files which are stored in digital wallets or apps in a smartphone or computer. You can exchange and send bitcoins to each other. Blockchain has all the details of all your transactions. This is helpful because people won’t be able to use bitcoins of others, undo transactions or make copies.
How can you get bitcoins?
You can get bitcoins using these three methods.
- You can use real money to buy bitcoins
- They can also be created using a computer
- You can also ask people to pay you bitcoins after selling them products
How to get new bitcoins?
You can make computer transactions in other to work the bitcoin system. The computer works out all the sums incredibly. And they are rewarded with bitcoins sometimes. People use the process called inning to get bitcoins. In this process, they use computers which are powerful to generate bitcoins.
To stop generating the bitcoins the sums are getting more complex day by day. If you start the process of mining it will take years to get a single bitcoin. You might spend money on electricity more than receiving bitcoins.
The bitcoin price are different and varies from one country to another.
Why are bitcoins valuable?
Bitcoins are valuable because people get real products and services in exchange for these digital and virtual coins that are generated by the computer. This makes it more valuable.
Tractions using bitcoins are also secured and safe because every transfer and transaction is recorded publicly.