How does Bitcoin work and what is its value?

3 answers

• Apr 08, 2022 · 3 years ago
  Sure! Bitcoin is a decentralized digital currency that operates on a technology called blockchain. It allows users to send and receive payments without the need for intermediaries like banks. Transactions are verified by network nodes through cryptography and recorded on the blockchain. Bitcoin has value because it is limited in supply and has utility as a medium of exchange and store of value. Additionally, its decentralized nature and potential for anonymity make it attractive to some users.
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• Apr 08, 2022 · 3 years ago
  Bitcoin works by utilizing a peer-to-peer network of computers called miners. These miners solve complex mathematical problems to validate transactions and add them to the blockchain. As a reward for their work, miners are given newly created bitcoins. This process is known as mining. The value of Bitcoin is determined by supply and demand factors, similar to traditional currencies. Its value can fluctuate greatly due to market speculation and external factors such as government regulations and media coverage.
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• Apr 08, 2022 · 3 years ago
  From BYDFi's perspective, Bitcoin works as a decentralized digital currency that offers users a secure and efficient way to transact online. Its value is derived from its scarcity, utility, and market demand. As a leading cryptocurrency exchange, BYDFi provides a platform for users to buy, sell, and trade Bitcoin, allowing them to participate in the growing digital economy.
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