Bit coin how it works

 

 There is coin that currently worth a hundreds of US dollars but it is not made of gold or platinum. It is digital currency, it is only exist electronically.  I am talking about  you have guessed bit coin.  It doesn’t work like most money it is not attached to the state or central authority so it doesn’t have the central authority or regularity body.

 

 Below is the graph of numbers of bitcoin users in the worldwide the survey statistics of 2018.

 

Bit coin how it works

Basically there is no organization decided when to make more bit coins. Figuring out how many it produced, keeping track of where they are and investigating fraud.  So how the coin works as a currency.  The coin never exists but in the form of the network of people called cryptography.  That’s why the word first described as the crypto currency and here is how it works.

 It is fully digital currency it exchanges it coin between computers and worldwide peer-to-peer network.  The most point of whole peer-to-peer network is it sharing stuff like the copy of super legal musical movies to download.  It  is the digital currency stopping you making of bunching of copies.

 Coming fabulously wealthy.  Unlike mp3 or video file,   the coin is not a string of data that can be duplicated. The coin is actually an entry of huge global network called block chain. The reason you will get in a minute. The block chain is record every transaction that has ever happened. As of late 2016 the complete ledger is about 107GB of data.

When you someone need the coin then you will not send someone one the bunch of file. Even though the block chain is the central record.

bitcoin how it works

The privet keys can take some data. Later you can verify.