Do Bitcoins Work?

Question

Since cryptocurrencies are volatile in nature, they carry certain degree of risk. The investors and traders of Bitcoins might be worried whether the Bitcoins actually work or not?

do-bitcoins-work

Do Bitcoins Work?

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Andrew Flintoff 4 months 1 Answer 71 views 2

Answer ( 1 )

  1. Summary: Bitcoins are just like a computer file stored in a digital wallet application on your computer or smartphones. Since these are easy to transact and secured currencies, and also have helped many investors bag huge profits, it can be said that it does work.

    Bitcoin is one of the most common and old cryptocurrencies till date, that was introduced in the year 2009 by a group named Satoshi Nakamoto. It has helped a lot of investors and traders to gain profits.

    The most obvious way to make money through Bitcoin is by Bitcoin mining. It is the process of creation of new coin and verification of transactions.

    Blockchain technology is the easy way to transact in Bitcoins. All the transactions of all cryptocurrencies including Bitcoins are recorded in a public list called blockchain.

    It is due to the benefits attached to the Bitcoins that investors and traders are ready to exchange it for real goods and services and also for cash.

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