What is Bitcoin and How it Works
Bitcoin is a form of digital currency, created and held electronically. It allows you to move money without being traced because all transactions are anonymous. Bitcoins are just lines of computer code that hold monetary value. Those lines of code are created by electricity and computers. Bitcoin was the first crypto coin currency ever invented. Bitcoin’s “creator” is known as Satoshi Nakamoto. They have never been identified.
Bitcoin can be used to buy things electronically. The Bitcoin idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. .
How a Bitcoin Transaction Works .
If Alice sends some bitcoins to Bob, that transaction will have three pieces of information:.
An input. This is a record of which bitcoin address was used to send the bitcoins to Alice in the first place (she received them from her fr...