How Cryptocurrency and Bitcoin Work?

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• How Cryptocurrency and Bitcoin Work?

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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?

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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.

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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.

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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.

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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.

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

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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.

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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.

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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.

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• 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.

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