Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer . People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
Read moreWhere does money go when you buy Bitcoin?
If you buy Bitcoins from an exchange like Zebpay or others, your money goes to the exchange . However, if you buy it from a holder of bitcoin by transfer of his bitcoin from his wallet to your wallet, your money goes to him as decided between both of you.
Read moreIs it worth buying Bitcoin?
You can easily trade bitcoin for cash or assets like gold instantly with incredibly low fees. The high liquidity associated with bitcoin makes it a great investment vessel if you’re looking for short-term profit . Digital currencies may also be a long-term investment due to their high market demand.
Read moreWhat is Bitcoin and how it works?
Bitcoin is a digital currency, a decentralized system that records transactions in a distributed ledger called a blockchain . Bitcoin miners run complex computer rigs to solve complicated puzzles in an effort to confirm groups of transactions called blocks.
Read moreWhat is the purpose of Bitcoin?
Bitcoin was created as a way for people to send money over the internet . The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies.
Read moreCan crypto be converted to cash?
Cash-Out Methods. There are two main avenues to convert bitcoin to cash and ultimately move it to a bank account. Firstly, you can use a third-party exchange broker . These third parties (which include bitcoin ATMs and debit cards) will exchange your bitcoins for cash at a given rate.
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