How does Bitcoin work?
These days, more traders are accepting bitcoin as a mode of payment and this is mainly due to the price value of this cryptocurrency. So the number of bitcoin users across the world has been increasing by each passing day. Also, one can enjoy some benefits with this virtual money that includes: user anonymity, peer to peer transaction, less transaction fees and more.
If you are interested in acquiring bitcoins, then there are so many ways to get them and some of them are by bitcoin mining, buying them online through bitcoin exchanges or in person, and more. There are even ways to get them for free like making use of faucets where you can get bitcoin bonus by doing some simple tasks.
When a person is willing to use or invest in bitcoins, he must have a digital wallet to do it, which is software application. Since only with this virtual wallet, one will be able to hold bitcoins, also, you cannot transact cryptocurrencies to anyone when you or the other person has this wallet. So, keep this in your mind and download this application for using bitcoins.
Also, there are a few types of bitcoin wallets, namely paper, hardware, web, mobile and desktop wallets. When you send or receive bitcoins using your wallet, it is referred to as transactions. Every transaction that is completed is recorded in a public ledger called the blockchain. All bitcoin users can see all the transactions that are in this ledger.
For sending and receiving bitcoins, you have two keys: public and private key. Only using these keys, you can proceed with a transaction. Public key acts as your bitcoin address and private key is your password which should not be shared with anyone. You must change your public address more often so that you can be safe from hackers.