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[Dagov]

How does Bitcoin work?
Bitcoin has the potential to alter the global financial system. In addition to being used as a form of payment, it may also be used for voting, initiating trusts, wills, and collaborations, future marketplaces, fundraising, centralized domain names, and all other essential aspects of an ethical monetary sector.

The emergence of digital money is only the first stage in the development of a unified, worldwide financial system.

 

[Wisdom01]

Bitcoin is actually one of the digital currency where you could invest and it's launched under the Blockchain nodes making transaction more effective , it's also one great platform to earn more money and others , that'd something about Bitcoin

 

[btaliat]

Bitcoin uses Blockchain to complete its transactions. This is what made crypto different from other digital currencies. For instance, there is CBDC but it doesn't use Blockchain before it completes its transactions.

 

[Wisdom01]

Bitcoin uses Blockchain to complete its transactions. This is what made crypto different from other digital currencies. For instance, there is CBDC but it doesn't use Blockchain before it completes its transactions.

Yeah Bitcoin uses Blockchain to complete it's transaction ,the Bitcoin itself is actually hosted on the Blockchain nodes , and many are making use of it to actually conduct transaction and others , leading to them runing different transaction

 

[chipan]

Bitcoins works as a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized and also uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain.

 

[Wisdom01]

Bitcoins works as a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized and also uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain.

I believe bitcoin is hosted on the Blockchain technology , like for Instance there are some people who actually makes use of the Blockchain technology to conduct transaction and others , these are the method many actually makes use of

 

[Adesun]

How Bitcoin works
A Bitcoin at it core is data with ownership assigned. Data ownership is transferred when transaction are made much like using your debit card, miners makes money from Bitcoin from Bitcoin by successfully validating blocks and being rewarded. Transaction is a transfer of value between Bitcoin wallet that get included in the in the block chain

 

[btaliat]

In a layman definition, it works just like fiat currency works. We only need to send the coins to the receiver using their addresses. And wait for a while for the coins to be confirmed by the Blockchain before the receiver received it.

 

[Emmanuel24]

Bitcoin offer different works as programed, such as Bitcoin is a digital currency that can be used for transaction, Bitcoin can stand as an asset, Bitcoin has decentralized nature that is no centralized authority and power, Bitcoin is volatile and the likes.

 

[btaliat]

There is no secrecy on how bitcoin works. It is just a connection between the sender and the receiver that is processed by the Blockchain. There is private key or seed that will ensure that truly the Bitcoin really comes from the sender.

 

[btaliat]

To some, bitcoins work mysteriously but in actual sense, it can still be explained to some extent. However, it will be to have knowledge on how cryptography works. This will make it simpler to understand better.

 

[Frenzybliz]

Essentially, Bitcoin works through a cryptographic system that allows users to store and transfer money digitally without the need for a third-party. To do this, Bitcoin forces all users to keep a record of all transactions in a public ledger known as the 'blockchain'.

 

[ammu40]

Essentially, Bitcoin works through a cryptographic system that allows users to store and transfer money digitally without the need for a third-party. To do this, Bitcoin forces all users to keep a record of all transactions in a public ledger known as the 'blockchain'.

That's correct. The blockchain technology is what makes Bitcoin so secure and transparent. All transactions are recorded on the ledger, which is verified and maintained by the network participants. This ensures that the system is fair and there is no need for intermediaries, like banks or payment processors, to be involved in transactions.

 

[Lens_]

Bitcoin is a foremost cryptocurrency that has gained notoriety in all aspect of our lives and we cannot dispute this fact. Bitcoin could also be used as a currency for the world reserve in the future as predicted by experts because it has a lot of pretentious.

 

[ammu40]

Bitcoin is a foremost cryptocurrency that has gained notoriety in all aspect of our lives and we cannot dispute this fact. Bitcoin could also be used as a currency for the world reserve in the future as predicted by experts because it has a lot of pretentious.

Yes, the potential for Bitcoin to serve as a world reserve currency is definitely a possibility that is being discussed by many experts in the field. The decentralized nature of Bitcoin, combined with its increasing adoption and recognition, has the potential to make it a credible alternative to traditional fiat currencies.

 

[Lens_]

Yes, the potential for Bitcoin to serve as a world reserve currency is definitely a possibility that is being discussed by many experts in the field. The decentralized nature of Bitcoin, combined with its increasing adoption and recognition, has the potential to make it a credible alternative to traditional fiat currencies.

Well, some people still argued that bitcoin does not possess the attribute of money and it will make it extremely onerous to replace the fiat currencies . The claims was as a result of the volatility of Bitcoin.

 

[Flower]

Well, some people still argued that bitcoin does not possess the attribute of money and it will make it extremely onerous to replace the fiat currencies . The claims was as a result of the volatility of Bitcoin.

It is true that bitcoin does not possess the attribute of money and I'm so surprised that so many countries are using bitcoin as a legal money which is why it is going to be detrimental if it fluctuate by plummeting.

 

[Lens_]

It is true that bitcoin does not possess the attribute of money and I'm so surprised that so many countries are using bitcoin as a legal money which is why it is going to be detrimental if it fluctuate by plummeting.

The countries using bitcoin as a legal tender are committing greater risk because the volatility of Bitcoin is very high and that will definitely cause a danger in the economies of each country that used it as legal tender.

 

[Flower]

The countries using bitcoin as a legal tender are committing greater risk because the volatility of Bitcoin is very high and that will definitely cause a danger in the economies of each country that used it as legal tender.

Your points are valid because it is critically not good to make bitcoin a legal tender and we should actually learn from the adoption saga in El Salvador because they have recorded a huge loss since they have adopted bitcoin as a legal tender.

 

[Lens_]

Your points are valid because it is critically not good to make bitcoin a legal tender and we should actually learn from the adoption saga in El Salvador because they have recorded a huge loss since they have adopted bitcoin as a legal tender.

There are a lot of lessons to be learnt from El Salvador for any country that wants to delve into accepting bitcoin as a legal tender. El Salvador has made huge losses because I could remember that they bought bitcoin when it was above $50.