Asked by: Retta Darrastechnology and computing internet for beginners
What is BTC used for?
Last Updated: 17th February, 2020
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Similarly, you may ask, what is a Bitcoin and how does it work?
Each Bitcoin is basically a computer file whichisstored in a 'digital wallet' app on a smartphone or computer.Peoplecan send Bitcoins (or part of one) to your digitalwallet,and you can send Bitcoins to other people. Everysingletransaction is recorded in a public list calledtheblockchain.
Additionally, is Bitcoin a money? Bitcoin is a cryptocurrency created in2009.Marketplaces called “bitcoin exchanges”allowpeople to buy or sell bitcoins using differentcurrencies.Bitcoin is a new currency that was createdin 2009 byan unknown person using the alias Satoshi Nakamoto.Transactionsare made with no middle men – meaning, nobanks!
Also, what is BTC?
BTC.com is a web wallet originally createdbyBlocktrail and now owned by Bitmain Technologies. It alsopublishesan Android wallet, an iOS Wallet, a Bitcoin API, a blockexplorer,and a mining pool.
How does Bitcoin have value?
Bitcoins have value because they are useful asaform of money. In short, Bitcoin is backed bymathematics.With these attributes, all that is required for a formof money tohold value is trust and adoption. In the caseofBitcoin, this can be measured by its growing base ofusers,merchants, and startups.