How does Bitcoin work?
The bitcoin network is a global network of thousands of computers linked together by a general log of transactions called the “block chain” and governed by a uniform bitcoin protocol. When you start using bitcoin, you get full access to the block chain. This means that you can see all transactions that have ever taken place or ever will take place.
What is Bitcoin?Bitcoin is a peer-to-peer system of electronic cash that uses cognominal digital currency, which is often called cryptocurrency or virtual currency. The network is fully decentralized and does not have a central administrator or any sort of an analog. Bitcoin can be used in payment for commodities and services for sellers who are ready to admit them. There is a possibility of their exchange for a cash via specialized trading platforms or exchangers. At this time Bitcoin is accepted in hundreds of shops and services. You may find the information about some of them in English Wikipedia. Using P2P technology Bitcoin runs without any of a controlling authority or a central bank; transactional process and emission is accomplished collectively by the participants of the network. Bitcoin has open source code; Bitcoin's software architecture is well known all over the world, there is no one who owns and controls Bitcoin, but everyone may become participants of the network. On account of its unique properties Bitcoin opens up new vistas of functionalities, which haven't been provided by any other payment service providers. Bitcoin has the whole set of different aspects that essentially distinguishes it from the other electronic currencies:
When new bitcoins are created (now in a speed of 25 BTC about every 10 minutes) they get to miners as payment for the work they do managing the trustworthiness of the bitcoin commerces. After that, they can be purchased directly or "earned" through bitcoin faucets. Bring in take or to buy bitcoins, you will require a bitcoin wallet, that could be web- based or located on the hard disk of your pc.
You could get your bitcoin wallet to get a bitcoin address, that may be in the event that you'd like to receive bitcoins where the bitcoins will probably be sent.