How does Bitcoin work?

[junnar1968]

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.

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[oprahwindfury]

Your words are Appreciated.Additionally it is not just an way to transfer money but also  an  way to  earn money with patience.An asset of a person to spend and make  sure of his/her own future.And the thing is necessary here, it is called patience.A little bit patience and some good works can be turn into a life changing matter.

[lepbagong]

maybe if you explain, you can get a lot of perceptions from the op question, but actually there are a lot of literatures that talk about Bitcoin, you just have to look for it and can get a more detailed explanation.

https://bitcoin.org/en/how-it-works

[Jet Cash]

It's quite rare to have banks doing international bank transfers without fees in terms of the exchange rate and stuff.

My credit card doesn't charge fees for international payments, but of course it charges the receiver, and makes a small turn on the exchange rate, but this seems to be slightly lower than a normal bank exchange charge.

[0nline]

BTCBTCyou must not create topics like this when you have almost zero understanding of how bitcoin works!

[kawetsriyanto]

In my country, Bitcoin only works as a digital asset, still cannot be used as a digital currency since it violates the laws. So, I think Bitcoin may work vary among the countries in the world. In some countries, Bitcoin can work as a payment tool and everyone can buy the kinds of stuff with Bitcoin. However, Bitcoin is a crypto coin that is already used by many people around the world for various purposes. We all can take advantage of Bitcoin because it has value, at least as an asset.

[JerryKin]

Bitcoin is a decentralised digital currency. This means money that can not be held in the hands and it's not under the control of the government. Beyund these specific features. I for one believe Bitcoin is an investment platform rather like an asset rather than a currency to be used to trade. Can it be used as a currency? very well it can. I also believe there's more to Bitcoin than we have seen.

[Ridi]

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. ... You can buy Bitcoins using 'real' money. You can sell things and let people pay you with Bitcoins.

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.

Yes you are right and you can buy Bitcoins using 'real' money and you can sell things and let people pay you with Bitcoins. It is a digital currency and not controlled by any government or central government it is . 🙏

[Ryder Kudrow]

Bitcoin is running on the Internet based on blockchain technology. It is not a single central server that stores data but a decentralized accounting method. All nodes distributed around the world will participate in transactions on the entire blockchain and must Keep in sync to verify the transaction correctly. Bitcoin is controlled by all Bitcoin users around the world, and only when all users reach a fully unanimous consensus can Bitcoin work normally.

[cotton ball]

how does bitcoin work,??how bitcoin works via (blockchain) is a public transaction record on which the Bitcoin network rests. All confirmed transactions are stored in the blockchain. Thus, Bitcoin wallets can calculate the remaining spendable money and new transactions can be verified to ensure that they are indeed owned by the user. The integrity and chronological order of the block-chain is implemented using cryptography.

[Rajamuda]

In addition to transferring, of course Bitcoin is increasingly recognized by many people for all its advantages to date.
In my place, there are more people who understand how Bitcoin works so that its benefits has been proven to be very profitable and can encourage the financial side in various ways that can be done, such as investing & and sell it to local currency.
I believe that blockchain technology will be stronger and more crowded in it for many Bitcoin transactions that will continue in the future, because more and more people will have Bitcoin wallets and activities related to Bitcoin such as trading, mining, certain projects, etc.

[Ali771samir]

Bitcoin is based on the  blockchain.
Many people equate the meaning of blockchain with bitcoin. If bitcoin is just one of the uses of blockchain, and blockchain as a whole is a public information distribution office that anyone connected to can be informed that I think this is one of its greatest miracles and I call it the miracle of transparency.

[chichigirl]

How does bitcoin work?

For me, bitcoin is a digital curency that can be stored in a digital wallet. Bitcoin is transferable by sing some application in your smart phone. You can accept payment with bitcoin or even buy some products using bitcoin.

BTC makes our life more easy in terms of currency.

[amt2299]

The practice of digitally adding transaction records to the blockchain, which is a publicly distributed database that holds the history of every bitcoin transaction, is known as bitcoin mining.
Mining is a data-keeping activity that requires a lot of processing power. To guarantee the payment network is trustworthy and secure, each Bitcoin miner across the globe contributes to a decentralized peer-to-peer network.

Bitcoin mining machines perform complicated mathematical problems in order to safely contribute to the blockchain record. When a solution is discovered, the most recent block of verified transactions is added to the blockchain as the next link.

The miner that solves the challenge is rewarded with a block of Bitcoin as an incentive to mine and contribute to the network.

Reference: https://xtrading.com/financial-questions/what-is-bitcoin-mining-and-how-does-it-work/

[ForMeritt]

The practice of digitally adding transaction records to the blockchain, which is a publicly distributed database that holds the history of every bitcoin transaction, is known as bitcoin mining.
Mining is a data-keeping activity that requires a lot of processing power. To guarantee the payment network is trustworthy and secure, each Bitcoin miner across the globe contributes to a decentralized peer-to-peer network.

Bitcoin mining machines perform complicated mathematical problems in order to safely contribute to the blockchain record. When a solution is discovered, the most recent block of verified transactions is added to the blockchain as the next link.

The miner that solves the challenge is rewarded with a block of Bitcoin as an incentive to mine and contribute to the network.

Reference: https://xtrading.com/financial-questions/what-is-bitcoin-mining-and-how-does-it-work/

This answer is very accurate and accompanied by very strong references, so I totally agree with you.

and what I know as a beginner, bitcoin is a digital currency that can be stored in a digital wallet. You can accept payments with bitcoins or even buy some products using bitcoins, but this depends on the country and not all countries have legalized it.

Bitcoin is the only best coin that has earned the title of King of coins in the Cryptocurrency markets.