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How Cryptocurrency and Bitcoin Work?

Bitcoin is first decentralized digital currency and worldwide payment system. We describe the process of how Bitcoin work with cryptocurrency.

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How Cryptocurrency and Bitcoin Work?

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  1. How Cryptocurrency and Bitcoin Work?

  2. Index 1. What is Bitcoin? 2. How Cryptocurrency and Bitcoin Work? • Bitcoin is an encrypted Digital Ledger • Bitcoin is a "Decentralized" Cryptocurrency • Digital Ledger= Blockchain • Miners Process Transaction For Bitcoin 3. How Does Bitcoin Work in the Market?

  3. What is Bitcoin? • Bitcoin is first decentralized digital currency and worldwide payment system. • There are only 21 million Bitcoin that can be mined in total and this creates demand as adoption increase. • Below We describe the process of how Bitcoin work with cryptocurrency.

  4. Bitcoin is an Encrypted Digital Ledger • Bitcoin is an explicit list of digital transactions. • Two people can trade securely because the encryption is virtually unhackable.

  5. Bitcoin is a "Decentralized" Cryptocurrency • No one central authority like the government or federal reserve owns it. • It is open source and stored on millions of devices around the world.

  6. Digital Ledger= Blockchain • The Blockchain is where all the encrypted data is stored forever. • When transactions are processed, they are processed in batches that are called Block.

  7. Each block of transactions is processed by a computer to make the transaction go through.

  8. Miners Process Transaction For Bitcoin • Miners are the ones that use computing power to process a block of the transaction, and they earn 12.5 Bitcoin for each batch of transactions.

  9. Summary of Bitcoin Work • Bitcoin is the first cryptocurrency which is a decentralized digital cash for the internet that is not controlled by a central government or federal reserve, but by the people who invest in Bitcoin. • All the transaction are processed by miners creating a digital ledger of secure and mostly anonymous transactions between individuals.

  10. How Does Bitcoin Work in the Market? • With the time so many cryptocurrencies evolved. • However, only one could got popular and accepted widely all around the world. • It is like you have your digital wallet and you can pay from your wallet or get paid in your wallet.

  11. Just like you access your online bank account. You pay by credit card. • In future, you will see the option like pay by Bitcoin at payment gateway.

  12. Thank You

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