HOW DOES BITCOIN WORKS?

[rhomzkie26]

There is a lot of misunderstanding and confusion when it comes to bitcoin. Mainly because it is relatively new and now it became popular in the mainstream media there have been lot of here say of how the bitcoin works.

I am new when it come to bitcoin but I have read some articles about it. This is basically what I understand correct me please if I am wrong
I have read that it is not a code or a data that can be stored and downloaded but it is more like a mutual agreement. Is that right?

According to my understanding in bitcoin, it is a virtual currency that can be convert into any fiat currency, depending on the nations who are accepting or adopting the system it has. Because here in my place Bitcoin was being accepted through the exchange we have here. Where it became convenient to us to use it in different categories such billings, Internet, tuition fees, remittances and money transfer thru banking.

[entebah]

There is a lot of misunderstanding and confusion when it comes to bitcoin. Mainly because it is relatively new and now it became popular in the mainstream media there have been lot of here say of how the bitcoin works.

I am new when it come to bitcoin but I have read some articles about it. This is basically what I understand correct me please if I am wrong
I have read that it is not a code or a data that can be stored and downloaded but it is more like a mutual agreement. Is that right?

According to my understanding in bitcoin, it is a virtual currency that can be convert into any fiat currency, depending on the nations who are accepting or adopting the system it has. Because here in my place Bitcoin was being accepted through the exchange we have here. Where it became convenient to us to use it in different categories such billings, Internet, tuition fees, remittances and money transfer thru banking.

Yes, Bitcoin is very useful, because it makes it easier to pay in various stores that accept Bitcoin, enough to use smartphones in payment, because Bitcoin is a very effective alternative exchange tool in the digital era like today.

[wahyu wida]

There is a lot of misunderstanding and confusion when it comes to bitcoin. Mainly because it is relatively new and now it became popular in the mainstream media there have been lot of here say of how the bitcoin works.

I am new when it come to bitcoin but I have read some articles about it. This is basically what I understand correct me please if I am wrong
I have read that it is not a code or a data that can be stored and downloaded but it is more like a mutual agreement. Is that right?

According to my understanding in bitcoin, it is a virtual currency that can be convert into any fiat currency, depending on the nations who are accepting or adopting the system it has. Because here in my place Bitcoin was being accepted through the exchange we have here. Where it became convenient to us to use it in different categories such billings, Internet, tuition fees, remittances and money transfer thru banking.

Yes, Bitcoin is very useful, because it makes it easier to pay in various stores that accept Bitcoin, enough to use smartphones in payment, because Bitcoin is a very effective alternative exchange tool in the digital era like today.

by having our own wallet, we can transact and save our own digital money. so that we seem to have our own bank. and with a decentralized system making transactions safer and faster

[biskitop]

yes like that, because we buy bitcoin in the market with money, and bitcoin in the market belongs to the person who placed the sell order at the same time. so your answer is about the agreement, right.

[maxreish]

If you are still confused about how bitcoin works. Think of it as an advanced technology than can help our life easier and more convenient because of it's advantageous attitude. We can use it as an online payment, as an investment and it is a peer to peer transaction which we do not need the third party that makes it more lighter for us to handle transactions.