Bitcoin: How Cryptocurrencies Work

in bitcoin •  2 years ago  (edited)

Bit coins or digital currency's that you can send through the Internet compared to other alternatives, which has a number of advantages. Bitcoins are transferred from person to person via Internet without going to the bank or clearing House.

This means that your fees are lower you are able to use them in every country your account cannot be frozen . several currencies exist where you can buy and sell bitcoins for dollars & euros.& more.your bitcoin are kept in your digital wallet on your computer or your mobile device .Sending bitcoins is as easy as sending an email and you can purchase anything with bitcoins. Bitcoin network is secure by individuals who are called miners .

Bitcoin has open up a brand new platform of innovation, it's a completely open source where anyone can review the code
Bitcoin Is changing finance all over the world when everyone has access to an open market great ideas flourish also bitcoins are great for businesses to minimize transactions fees.

I am hoping that this information is useful for understanding how bitcoin works

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Thanks for sharing

Thanks for stopping bye
@mannyfig1956

It's a one year old video but still nice to revisit :)

you get the understanding @mannyfig1956

I still don't understand a lot of things. How does one determine what bitcoin is worth? Is it possible that there could be a computer failure, and all the bitcoin in the world could disappear? How is steem different from bitcoin? Is it possible to mine steem just like bitcoin?