What is Bitcoin ?

 

How Bitcoin Works ?

Bitcoin payments can be made between anybody with the requisite software on their computer, smartphone or tablet. This software is called a wallet. Yet, Bitcoin should not be considered to be a type of digital cash. The reason is that Bitcoin are not digital units of value stored on e.g. a computer. A Bitcoin is thus not a digital note or coin and should not be compared to regular notes and coins. Rather, Bitcoin should be viewed as funds in an account. When a payment is made, the payer thus does not send digital notes and coin to the recipient; rather, the payment occurs by means of debiting the sender’s account and crediting the recipient’s account. Payments are made by means of exchanging encrypted message and are verified within the user network.