It can be considered as a file that is created and transferred around using computers which are seen as bitcoin nodes. Bitcoin is a digital currency and software system.
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They can only be accessed via unique passwords called keys.
What is bitcoin in simple terms. How Does Bitcoin Work. And it isnt issued from the top down like. Addresses Wallets.
Its like an online version of cash. Other Cryptocurrencies Stablecoins Jargon. Peer-to-Peer Transactions Stick-Figure by.
This type of transaction is known as peer-to-peer. The odds of the computer actually solving one of these problems is arguably 1 in 6 trillion. Whereas the Federal Reserve is responsible for Americas monetary system Bitcoin doesnt have a single person or organisation in charge.
However unlike gold Bitcoin is digital making it much easier to divide transfer and store. Bitcoin is the first and most widely recognized cryptocurrency. Press J to jump to the feed.
To understand the reason for this its worth looking at why Bitcoin was created. Instead of using names tax IDs or social security numbers bitcoin connects buyers and sellers through encryption keys. Bitcoin explained in simple terms.
Putting it down in simple terms the definition goes like this. Individuals use digital wallets to store their Bitcoin. It is a decentralized cryptocurrency which can send in a peer-to-peer direct way without having to worry about double spending.
These wallets have a unique bitcoin address and are secure. Bitcoin can be described as a global ledger system that makes a record of transactions between one person and another. It is stored virtually on hundreds of computer servers powered by what is called blockchain technology.
Bitcoin is the most popular cryptocurrency but there are hundreds of others. Press question mark to learn the rest of the keyboard shortcuts. Owners are anonymous.
Basically Bitcoin is a digital currency that has been invented without a central bank. Bitcoin often described as a cryptocurrency a virtual currency or a digital currency - is a type of money that is completely virtual. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments.
The purpose behind bitcoin is to allow one person to directly send money to another. Yes bitcoin is nothing that you can print touch feel or store in your safe or wallet. Welcome to Explain Like Im 5 where were making it easy for you explain crypto concepts in simple terms and answer the questions weve all been asked by f.
What is the result of bitcoin mining. Bitcoin is a digital currency existing only on internet. Technically bitcoins are a bunch of numbers 0s and 1s stored on a bunch of computers around the world.
Bitcoin is often compared to gold in the sense that its offer is limited. Lets review again explaining bitcoin in simple terms. So what is bitcoin.
Bitcoin is the first cryptocurrency that appeared in 2009. It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol cryptography and a mechanism to achieve global consensus on the state of a periodically updated public transaction ledger called a. Bitcoin to put it simply is a form of money that cannot be owned in a physical tangible form.
It is not governed by a single entity nor is an institution responsible for its value. Bitcoin is a digital currency also known as a cryptocurrency or virtual currency built on top of the blockchain technology.
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