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1
WHAT IS?
Bitcoin is a virtual currency, that is, it is a code with specific definitions that allows it to be identified, protected and extended with security, reliability and speed.
Security in every transaction made by it is verified by its "miners" within the "Blockchain" by its specific parameters this is authenticated and then accepted after its confirmations.
Reliability Bitcoin's code has already been tested since when the idea came out in 2008 this "cryptocurrency" is decentralized because it is not submitted to any government and since it began to take shape and grow.
Speed is set by the speed at which transactions are made within this currency, new solutions are still being presented to increase it even more naturally in a world where technology is improving more and more.
2
HOW IT WORKS?
In Bitcoin when a transaction is made it is processed being gathered into blocks that transform into complex mathematical solution. The so-called miners, who are companies or people using high power computers, process these mathematical problems and determine if the code is correct and if the transaction is real and reliable when it is verified and accepted the miners receive a payment in Bitcoin that often depending on which wallet comes this transaction is already paid by the issuer.
Bitcoins are stored in wallets, these wallets are virtual on websites or physical stored on devices such as cell phones or computers, a good wallet site is https://www.coinbase.com/ after creating the wallet can make several addresses To receive transactions in addition to also store in their Bitcoins physically in their cell phone.
There are notable cases of loss of devices with Bitcoins stored physically, always is advisable to keep the virtual wallet thus preventing their loss.
When using some transaction this always connects to several other miners through the Internet. This means that a person who has Bitcoins does not store Bitcoin itself but a digital key , that means a code, and that everyone is in consensus that whoever this code has authority over a certain Bitcoins value.
The information about the transactions are opened in a decentralized way, so you know everything about the transaction and at the same time you do not know who made them, you know what address it left and who received it, but you do not know who the owners are, so you have in the way total transparency and at the same time total security and anonymity.
Example of a Bitcoin address:
12GbiLJRkN8jFsfuuYUdco4dfR1VsZ8...
