What is Bitcoin? How does it work?

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What is Bitcoin?
Bitcoin is a cryptocurrency and a digital payment system created by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It is the first decentralized digital currency.

Bitcoins are digital coins, you can send over the internet. Compared to other choices, bitcoin have many advantages. They are transferred straight from person to another via Internet without going to the bank. It means that the transactions fees are extremely lower, anyone can use them in every country, the account cannot be frozen and there are no limits.

How does it work?
Many currency exchanges exist on the Internet where you can buy and sell bitcoins. Your coins are saved in your digital wallet on your computer or mobile device or any online wallet. Sending and receiving Bitcoins is as easy as sending and receiving email, you can buy anything with Bitcoin.

When it comes to the transaction it generates a first Bitcoin address, something like an email, which acts in a way that they can send you money, by using that address you can use it and receive the Bitcoins in your wallet. You can generate as many addresses as you want, it is best to use them only once.

The bitcoins system is secured by individuals called Bitcoin miners. Workers or miners are paid newly created bitcoins for verifying transactions. All transactions after verified are recorded in a transparent public record.

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