What is bitcoin and how it works?

[DiceDies]

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?
And that all transaction is stored in the blockchain, which is a connection of all the computer which is running a bitcoin client.

This how I understand bitcoin.

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[Xester]

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?
And that all transaction is stored in the blockchain, which is a connection of all the computer which is running a bitcoin client.

This how I understand bitcoin.

Bitcoin is a certain currency and it is not a code but it is running on a certain code. Also the so called mutual agreement or consensus is being made when there is a certain proposal to change the code use in bitcoin. As long as the community reach a consensus such changes may be implemented but if there is no consensus then such proposal will no be realized.

[longwintershere]

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?
And that all transaction is stored in the blockchain, which is a connection of all the computer which is running a bitcoin client.

This how I understand bitcoin.

I'm not able to explain bitcoin from tech perspective, yet I understand that with bitcoin you have the access to your own funds without any middleman, that is crucial to understand

[waitforme]

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?
And that all transaction is stored in the blockchain, which is a connection of all the computer which is running a bitcoin client.

This how I understand bitcoin.

Bitcoin is a kind of pre-image developed by Satoshi on the Blockchain platform, and all transactions performed under the authorization system, and all transactions made in incognito mode. Bitcoin prices are created when investors trade it on exchanges, as demand for the stock market increases, resulting in higher Bitcoin prices.

[carelessboy]

Bitcoin is a digital virtual currency.in world bitcoin have a big popularity .bitcoin use in beat ,crime and bitcoin mainly  use in dark web.now i know bitcoin accept in many country and slowly bitcoin used in our daily life and people use bitcoin for shopping.

[Kokondao]

It's true of what you say, that bitcoin or by value or price is a mutual agreement and blockchain is a great book for decentralized bitcoins.

[mOgliE]

Hi,

I can't agree with you actually...


The blockchain is not connecting all computers. It is rather a huge chain, shared by all users. It is build up by miners, who are supposed to check all transactions. Though, it is not something tangible, so I can understand that the concept may be hard to grasp...

As for bitcoin, you can really see it as a digital currency, created by an algorithm, and shared between all miners.

However, you don't necessarily have to understand how this technically works, depending on what you want to do here!

[harobaru]

bitcoin is a digital currency whose price is depend upon people investment.

[DiceDies]

Hi,

I can't agree with you actually...


The blockchain is not connecting all computers. It is rather a huge chain, shared by all users. It is build up by miners, who are supposed to check all transactions. Though, it is not something tangible, so I can understand that the concept may be hard to grasp...

As for bitcoin, you can really see it as a digital currency, created by an algorithm, and shared between all miners.

However, you don't necessarily have to understand how this technically works, depending on what you want to do here!

Thanks for the clarification, I was just interested and wanted to learn more about bitcoin.

[ampsec_]

bitcoin is a currency an online money that you cant hold like our money but take the risk when buying and using it some sites may scam you

[MintDice]

Welcome to the crypto space! Yes, all transactions are stored on the blockchain and it's not a 'code' per se. Bitcoin is best described as a virtual currency. There are no physical cash forms, coins, or tokens, they exist electronically based on an open-source software released by an unknown developer under the pseudonym Satoshi Nakamoto.

The Bitcoin network is decentralized in that no central authority controls the amount of bitcoin in circulation. Bitcoin doesn’t need a banking system or government for bitcoin tokens to be created, exchanged, or stored, and is not involved in traditional exchange rates. Instead, Bitcoin leverages a peer-to-peer network commonly referred to as the ‘blockchain.’ The blockchain technology used in Nakamoto’s software is the key to Bitcoin’s defining characteristics.

We expand on this in our BTC 101 guide, feel free to check it out, it's a great place to start for beginners! http://bit.ly/Bitcoin101Guide

Cheers!

[money1122]

Bitcoin is a kind of pre-image developed by Satoshi on the Blockchain platform, and all transactions performed under the authorization system, and all transactions made in incognito mode. Bitcoin prices are created when investors trade it on exchanges, as demand for the stock market increases, resulting in higher Bitcoin prices.

[Juliedarwin]

Bitcoin is a currency that people can make a lot of profit to earn. And people can have a lot of opportunity to take granted for themselves. You can joined here with the knowledge of technology.

[Dreamchaser21]

bitcoin is a currency an online money that you cant hold like our money but take the risk when buying and using it some sites may scam you

Bitcoin is not about making money, its technology allows many users to be more convenient in their businesses. Blockchain technology is a chain where you can see every transactions you incurred in your first day. Money is just another good side of bitcoin, but basically its technology that moves the price higher.

[Meysa_richa]

I understand bitcoin as a place to store our money and at the same time can be an investment place that has a price because the user agreement, and bitcoin very good for future money in advanced technology.

[pocket_lck]

Bitcoin is a decentralized currency that uses Blockchain technology and and with a value agreed upon by all holders,

[Cakalasia]

Bitcoin is the first digital currency that have a huge value than other cryptos and it uses blockchain technology. You can use it by online payment online transactions it very useful to many people in the world. Well there's a lot of answer you can find it by using google read and research.

[shaikhimoqc]

BTC is the most successful application in block chain system!

It's a digital encrypted currency!

[vanyx]

You can think of Bitcoin as digital cash, that isn't distributed by any central authority.

To get everyone to agree on a state, each transcation must be mathematically verified by each participant on the network. So as long as there is more honest participants than malicious ones n the network, the funds are kept intact.

The underlying technology behind Bitcoin is blockchain, which can be thought of as a slow database.

[Juliedarwin]

Bitcoin is a currency that people can make a lot of profit to earn. And people can have a lot of opportunity to take granted for themselves. You can joined here with the knowledge of technology.