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How Bitcoins work?
Understanding the nitty-gritty of Bitcoin functionality!
A bitcoin is a digital currency that can not be printed or minted. It is easy to assume bitcoins as gold coins with an alphanumerical 'B' printed on them. In fact, all those stock images are representational and bitcoins does not exist in a physical form. So how does this invisible digital currency hold value and how does it work?
Since bitcoin is a digital currency, moving them from one place to another requires computing power. This is done by users called 'miners' who break complex puzzles and allow their computer to be used by the system to verify transactions. For every contribution, they are rewarded with new Bitcoins.