July 07th, 2024

How does the Bitcoin cryptocurrency work?

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Akshat Gupta
3 years ago Selected
Its exchange is done through peer to peer technology, that is, this money directly reaches from one computer to another. It is sent as a block chain divided among the common people. Just like a bank keeps track of your money, similarly these blockchains keep track of every bitcoin.

That is, its transactions at any place in the world are accounted for in this block chain. Since every transaction is verified and the network maintains its record, it cannot be fraudulent. This technology is made secure by thousands of people who keep an eye on this transaction with the help of powerful computers. and check it out.

For this, whoever successfully does it is given some bitcoins as a reward. This is called mining of bitcoins.
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