How bitcoin work as a currency ?

[plasmafrog75]

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 is arguably the most influential developing currency I've seen in my country. The government bans Bitcoin, but Bitcoin and other virtual currencies are growing in my country, now Bitcoin. And other currencies are going up in the market; I think there will be more and more money going forward.

[1714214242]

1714214242

[1714214242]

1714214242

[1714214242]

1714214242

[1714214242]

1714214242

[1714214242]

1714214242

[1714214242]

1714214242

[MainIbem]

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 ?

If I can give you some advice, I would suggest that you use some Spell checker, before you post something on the forum. It is very difficult for us to figure out what you are trying to ask.

1. Bitcoin is not attached to a state or government, so it does not have a central issuing authority or regulatory body, basically, that means there is no organization, deciding when to make more bitcoins

Answer : Yes, it was developed that way on purpose. Nobody should manipulate currencies apart from market forces. The software introduced by Satoshi Nakamoto and given to the world, will manage the supply at a predetermined rate. So everything is predictable and transparent.

2. keeping track of where they are, so how does bitcoin work as a currency ?


Answer : The Blockchain that are stored on a decentralized network, keep track of all bitcoins that are produced and moved from one address to another. <simple explanation>

Thank you for the correction. I am not the originator of the post, but such good gesture is commended. It help to bring out the substance of the discussion.
Was bitcoin actually designed as a currency? Or was it a vehicle for the implementation of the blockchain technology?

[bitcoinmaniac52]

Bitcoin is a decentralized currency and it was designed to be so. If you are worried about the supply of bitcoin, if more can be made out of thin air like more fiat are always printed then the answer is no. The creator designed it so there will be only 21 million bitcoins ever, so when all of it has been mined, supply will stop and everyone will have to rely on buying and selling to get bitcoins if they need any.

[iqlimasyadiqa]

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 is like a regular currency, but what sets it apart is Bitcoin in digital form. Bitcoin is not regulated by the government and there is no body or agency that regulates Bitcoin. Currently Bitcoin is severely affected by what Bitcoin owners do, as more and more people are using, and more and more are attracted to Bitcoin, Bitcoin prices will increase. So Bitcoin's way of working on a price is up to us all Bitcoin users.

[CryptoMoar]

in my opinion, the way bitcoin works as a currency like conventional currency. two or more persons conduct trading transactions without any element of coercion and in accordance with the agreed price and trust each other using bitcoin as a medium of exchange.

[CookieGums]

bitcoin work as currency because before this bitcoin came to this situation that only for business purpose. bitcoin is using to buy something rare from the internet. you can not buy that unless you have converted your fiat dollars to bitcoin. that is how bitcoin known as currency.

[Shenzou]

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 ?

Just like the dollar bitcoin is a currency but instead of having a physical form it is crypto, meaning that it is encrypted with sequence stored in a public peer to peer network that is the blockchain, every bitcoin transaction is recorded on this network, which prevents people from spending the same bitcoin more than once, so every time you send a bitcoin transaction miners take time to verify that it is not duplicate, and since bitcoin has a limited supply it is essentially like gold where its value keeps on going up every time this supply goes down.

[jeanpadel14]

It's a bit like money ... and it's a bit like a financial bubble. It's Bitcoin, and it may be giving us a glimpse of the future of money.

Bitcoin is a type of virtual currency brought to life by the internet, very powerful computers and the willingness of lot of people looking to embrace new forms of monetary exchange.

Yet Bitcoin is also very different from traditional currencies. Unlike dollars or pounds, Bitcoin isn't backed by any government. It's a completely decentralized form of money. Bitcoin isn't linked to any sort of central banking system or issuing authority, and that's a big part of its appeal — instead of being swallowed into a system that's often sullied by human greed and manipulation, this currency exists in an online world driven by mathematics and clever encryption protocols

[jemarie20]

Bitcoin is accepted in all country as money and bitcoin is develop now as universal currency, and many people in the world got rich because of bitcoin so, bitcoin help people to earn real money and that is the main function of digital currency for me.

[leonardian_project]

 In cryptocurrency, “coins” are generated or produced by “miners.” These miners are people who run programs on specialized hardware made specifically to solve proof-of-work puzzles. The work behind mining coins gives them value, while the scarcity of coins and demand for them causes their value to fluctuate. The idea of work giving value to currency is called a “proof-of-work” system. The other method for validating coins is called proof-of-stake. Value is also created when transactions are added to public ledgers as creating a verified “transaction block” takes work as well. Further, value comes from factors such as utility and supply and demand.

[gwapo.zylle]

Bitcoin works as currency is very smooth the process is well generate the exact way to go through. The cryptocurrencies was generate by miners. The demand of the coins is very high and the usage of it is very useful to the bitcoiner. The demand of the coins is high but aside from that they still manage to become patience despite of everything.

[lanareyDEY]

There are some crypto currencies where even a transaction can not be tracked. This is very popular with users. It is impossible to do crypto currency, it is not subject to inflation. It is also a payment system and a payment unit.

[svetochka.yakovleva.93]

It seems to me that bitcoin as a currency does not get stuck because it is a strong asset that does not stit in place and the currency requires stability.

[catok broek]

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 bitcoin has value and it applies the same value everywhere in the world despite its fluctuation that makes it accepted as exchange tool of transaction/payment. some other things have different value in different place that can't be exchange tool of transaction/payment.

[renc77]

Bitcoin utilizes shared innovation along these lines expelling the need of a focal expert.

Every one of the procedures; exchanges, pieces, records, everything is kept in a system called blockchain. The system is computerized, so nobody can control its stream, nor anybody can see the inward information with the exception of the addresses or measures of Bitcoins executed.

Excavators mine hinders that conveys exchanges, which are affirmed if the piece is mined, and the mineworkers get compensated for doing as such. That is basically how the system runs and how Bitcoin functions. There is obviously more perplexing clarifications for it, however these are only some essential data on how it functions.