What is bitcoin, and how does it work?

Being able to define a bitcoin as something is complex since a bitcoin is not something physical, this characteristic is something that bothers many people, not being able to touch a unit of value is something new for us, but these changes have been seen throughout history, we went from making exchanges with spices to using gold and silver coins to make payments, and from coins to paper money, now it seems the turn of digital currencies or cryptocurrencies.

Bitcoin, as we know, is not a physical currency. Technically it is not a currency either if we look at what a bitcoin looks like on the blockchain. If you do, you will see an extensive code, so bitcoin, in essence, is a unit of value generated within a decentralized and cryptographic protocol that works in a Blockchain network, generated from the verification of the new blocks by the miners. Bitcoin, like many cryptocurrencies, can be fragmented into parts so a person can buy one complete bitcoin or buy a fraction of a bitcoin, for example, 0.005 BTC.

Bitcoin’s operations are very simple because it was created as a secure and anonymous electronic payment method. It can be used to make payments or buy a good or service, but thanks to the popularity and growth of the price it acquired Bitcoin over time. It is also used as a store of value, to carry out transactions with bitcoin, you must use a wallet that is connected to the Bitcoin blockchain, you must also have the address of the wallet to which we want to send so we can make a transaction, the data of that transaction will be stored in a block that will be verified by the miners and thus will be registered in the blockchain.

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