What Is Bitcoin and How Does It Work?
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What is Bitcoin?
Bitcoin is a decentralized cryptocurrency.
It originated in 2008 from a paper written by Satoshi Nakamoto. This may be a real person or not but it is seen at the origins of Bitcoin.
Bitcoin runs on a technology known as the blockchain.
There will only ever be 21 million Bitcoins and this is what makes them valuable and scarce.
Bitcoin are created by a process known as mining. Since there are no banks transactions are verified by miners and when miners verify a certain number of transactions they can actually earn Bitcoin.
There are many more cryptocurrencies now but Bitcoin is seen as the first. Other popular ones are Litecoin, Ethereum, Ripple, Dash and many others.
Bitcoin are stored in locations known as wallets. These Bitcoin wallets can be online, on a hardware device, on a piece of paper or even memorized in your brain.
Bitcoin wallets look like a string of numbers and letters.
Cryptocurrency and blockchain technology can change the way we do everything in the future.
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