Bitcoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority. The creation of new bitcoins is automated and may be accomplished by servers, called bitcoin miners that run on an internet-based network and confirm bitcoin transactions by adding codes to a decentralized log, which is updated and archived periodically.
Each bitcoin is subdivided into million smaller units called satoshis, defined by eight decimal places. Please kindly be advised that Bitcoin is very volatile. It can change a significant amount in a very short period of time. It is a payment system based on digital currency. Bitcoin Mechanism: Bitcoin works behind a new technology based on digital money. It works as a mobile app that you can send and receive data. It is a digital wallet that you may pay with your bitcoins when you get a service.
It works systematically with transactions as banks. Bitcoin network shares a public method ledger: Block Chain. The chain contains all transaction processes which happened already. This ledger provides a permition to an user's computer to verify the validity of a transaction. Each transactions are protected by digital signatures corresponding to the "Sender Adress".
The system provides that an user can control btc wallet to send bitcoins from his wallet. Bitcoin Owners: No one controls the Bitcoin Network.
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