What is Bitcoin & How Does Bitcoin Work?

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 What is Bitcoin?


Bitcoin is a decentralized network of digital currency. Transactions are made to and from 16 character encrypted addresses. These addresses are mathematically secure so that nobody but the owner of the address can transfer the fund that belongs to it. To put it simply, Bitcoin is a network of independent computers that generate, propagate, and verify monetary transactions. 


How To Buy Bitcoin?



There are 3 ways you can buy bitcoin. 


1. Before you can buy Bitcoin, you have to install wallet software onto your computer. The Wallet will allow you to send, receive & Transfer Bitcoins.


Also Read: 5 Benefits of Cryptocurrency Wallet Applications


2. To Purchase Bitcoin, you have to deposit money into an online exchange that connects bitcoin buyers and sellers. 


3. One the exchange has accepted your cryptocurrency, you can place an order for bitcoin similar to the way you would buy a stock. 



How does bitcoin work? 




Miners create bitcoins by using computers to solve mathematical functions. The same process verifies in transactions. 

Bitcoin exchanges trade conventional currencies for bitcoin offering a way in and out of the market for non-miners.  Individuals and businesses develop bitcoin wallets that allow them to send and receive bitcoin. Cryptography secures the network ensuring that all balances and transactions are safe in the bitcoin wallet. 


Conclusions:


In this article we have covered about bitcoin, it is a decentralized currency. You can easily buy through the three ways as well as how bitcoin works? I hope this blog is very helpful for bitcoin beginners. Thanks for reading & giving your valuable time. Thank you.


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