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How does Bitcoin work?

We know that money as a medium of exchange has solved many problems such as the double coincidence of desires and thus eliminated the exchange system. Likewise, the use of cryptocurrency promises advanced easy, safe, secure and fast transfers. Therefore, it is likely that it will replace traditional means such as paper money in the near future.

How does Bitcoin work?

About Bitcoin:

Bitcoin is a type of cryptocurrency. It is one of the first digital currencies to use P2P technology to facilitate instant payments. It is both a user-friendly and user-friendly digital currency, so the public can easily access it. It covers exciting uses with a variety of features that could not be covered by previously designed payment systems. No one owns or controls btc.

So where do bitcoins come from? btc are created by a special mining process. The mining process involves gathering recent transactions into blocks and trying to solve a difficult math puzzle.

Now let's look at the steps involved in running a bitcoin account:

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The first step is to install the Bitcoin Wallet app on your computer or mobile phone. The Btc wallet is simply free and open source software that will create your first Bitcoin address.

The second step is to verify your account by providing your PAN card information, your bank details, and others as needed. Once confirmed, you will need to deposit a certain amount into your btc wallet to purchase bitcoins. So you can buy bitcoins with your credit card, bank account or cash, depending on the terms and conditions of the btc Wallet app. Your Btc will be transferred directly to your Bitcoin account.

Now that your Bitcoin address has been created and you have acquired Bitcoins, so you can use the purchased bitcoins to send and receive payments directly to the buyer/seller or to the company/company that accepts bitcoin, without having to payment. 'intermediary such as a bank or credit card company o. s.

The company/company will share with you your Bitcoin/QR code address to which you can send your Bitcoin payment. You direct the payment to this address and complete the transaction.