How bitcoin work as a currency ?

[galkina]

Bitcoin uses a peer-to-peer network without centralized storage, which means it can be transferred anywhere as long as there is an internet network. The currency owned by someone will be stored in an application called Bitcoin Wallet. So, you will not receive money in any physical form other than an application in your gadget

There is not much difference whether you have the money in your wallet or in hand. Money can be transferred back to bank account in few hours and thus it hardly makes any difference,. Though one should keep some extra cash at home for emergency situations like medical help. But I guess, that issue can also be dealt with credit cards.

I prefer to keep about 80% of my savings in the form of bitcoins. I know this is on the higher side but I have to make a lot of online purchases using bitcoins.

[Severniti]

It was built to be decentralized. And if there is a demand then it is even easier to make it a currency.
But blockchain is much more. You can be a broker yourself and you can use blockchain for many other purposes.

[AoniOn]

bitcoin works as an exchange currency on all crypto exchanges it is just an exchange tool from one currency to another , so I believe that nothing will happen to bitcoin for a long time

[DarLim11]

Currency is the payment system of an organization, group and government. Basically since lots of people accept bitcoins and can be used to purchase or used as a payment for a service it build a community of people who gives value to bitcoins.
When we started accepting bitcoins it will help support it to be a currency. The value we gave to bitcoins is the very factor why it did become a digital currency.

[LegGekkouga]

Bitcoin isn't attached to a state or government, so itu doesn't have a central issuing authority or regulatory body, bassically, that means there's no organizational deciding when to make more bitcoins, digiring out how many to produce, kering track of where they are, so how does bitcoin work as a currency ?

Firat of all there is no way that anyone can make bitcoins. And there are only 21 million bitcoins in the world. Bitcoin is a platform in the blockchain. Blockchain is like the OS of your pc and Bitcoin is the application. And just like our money, bitcoin has no physical body its all about the "trust" you put into it. Real world money is just a piece of paper, again its all about the "trust".

[RioAnjay]

BitCoin developers create an encrypted database structure named BlockChain. All BitCoin users in the world have copies or copies of this database file on their respective computer devices. BlockChain connects all BitCoin users in the Peer-To-Peer network (Computer to Computer) so there is no special computer or server acting as an intermediary.

[Odlanyer]

Bitcoin worked in currency through payment system of an organization, because bitcoins it will help support it to be a currency, you can used bitcoin wallet to store your coins.

[kirti rana]

Bitcoin is a digital currency, All of these are expensive from this, so I would like to use bitcoin.

[J Gambler]

Bitcoin isn't attached to a state or government, so itu doesn't have a central issuing authority or regulatory body, bassically, that means there's no organizational deciding when to make more bitcoins, digiring out how many to produce, kering track of where they are, so how does bitcoin work as a currency ?

Bitcoin works as a currency because it has value. In the beginning mining and getting bitcoin was laughed and ridiculed about with it having no value at all. Little to none actually but woth how bitcoin grew then people started realizing that there was some credence and following to it and until its value started going up and with its digital beginnings people were enamored by how instantly and convvenie tly one can have money or it by changing the digital value to a physical one

[momoro]

Bitcoin isn't attached to a state or government, so itu doesn't have a central issuing authority or regulatory body, bassically, that means there's no organizational deciding when to make more bitcoins, digiring out how many to produce, kering track of where they are, so how does bitcoin work as a currency ?

How bitcoin works

Bitcoin is a digital currency that is not tied to a bank or government and allows its users to shop without revealing their identity. This coin was created by users who "mine" their currency by lending computing power to verify other user transactions. They accept bitcoin in return. These coins can also be bought and sold by swapping US dollars and other currencies .

[jamelyn]

Bitcoin works as the root of all digital currencies so whenever it disappears, all blockchain transactions will instantly be terminated  and would cause chaos for currency holders which includes, huge companies and countries.

[Fantastic33]

Bitcoin is a digital currency but is not considered as a currency by the bank because they have their own type of money. However, it can still be used as a medium of exchange. There's 21million total bitcoins, and 16.3million were already in the circulation. Unlike money, its supply is only limited, and new bitcoins cannot be produced. It is also speculated that 30% of these coins maybe lost forever due to lost private keys or crashed hard drives.

[Verona25]

Now everyone is arguing whether Bitcoin will be convenient or uncomfortable if the currency is official. I believe that this is more inconvenient.

[multikript888]

Many users of the concept of crypto currency is equivalent to the word Bitcoin. In part, they are right. However, we need to clarify that Bitcoin is one of the many crypto currency.

[mdripon]

Bitcoin isn't attached to a state or government, so itu doesn't have a central issuing authority or regulatory body, bassically, that means there's no organizational deciding when to make more bitcoins, digiring out how many to produce, kering track of where they are, so how does bitcoin work as a currency ?

Bitcoin one kinds of digital currency. this currency used is available maximum country. you can trading, buying, selling by bitcoin. so we can said bitcoin  as a good currency in the currency world.

[hadveach]

yes, the bitcoin work system is peer to peer, but to simplify the way it working, I think there must be a support platform, so it can be used in mobile phones.

maybe altowl apps is a support platform for peer to peer system on mobile, so the way the transaction work can be easier.

[juliopirlo]

Bitcoin isn't attached to a state or government, so itu doesn't have a central issuing authority or regulatory body, bassically, that means there's no organizational deciding when to make more bitcoins, digiring out how many to produce, kering track of where they are, so how does bitcoin work as a currency ?

How bitcoin works Unbound to the bank or government and allows its users to shop without revealing their identity. This coin was created by users who "mine" their currency by lending computing power to verify other user transactions. They accept bitcoin in return. These coins can also be bought and sold by swapping US dollars and other currencies .

[pdutta]

Bitcoin is a digital decentralized network, thus it is not controlled by anyone. Bitcoins are not printed like fiat money, but instead are “mined” using computing power in a distributed global network of volunteer software developers. It is more convenient to transfer money across the world and the transaction is done without the interference of a third party influence and the government. It is completely online and works 24*7. Many online stores are providing products and services in exchange of bitcoins nowadays.

[BruceWee]

As acknowledgment has developed for Bitcoin among buyers, traders are rapidly endeavoring to discover approaches to acknowledge the cryptographic money as an installment. As opposed to forcing purchasers from Bitcoin, new installment entryway frameworks, similar to the one CryptoPay offers, enable vendors to wind up carefully extensive in what monetary standards they acknowledge.

It might well be that inside a couple of years, Bitcoin will be the installment cash of decision in numerous significant urban communities, with customers picking their most loved bistros, eateries and markets in light of Bitcoin acknowledgment. Open mindfulness will make it more lucrative to acknowledge Bitcoin for buys.

[Alopu]

How exactly to interpret bitcoin is a matter of controversy – as a currency, a store of value, a payment network, an asset class?

Fortunately, leaving the economic debates aside, it's pretty easy to answer what bitcoin actually is – software. Don't be fooled by stock images of shiny coins bearing modified Thai baht symbols. Bitcoin is a purely digital phenomenon, a set of protocols and processes. It is the most successful of hundreds of attempts to create virtual money through the use of cryptography (the science of making and breaking codes), though competition is heating up.