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How Bitcoin Works?

How Bitcoin Works?

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Bitcoin or BTC is the very first cryptocurrency to be developed and used by the crypto community since 2009. Cryptocurrency in simple words would be digital money or virtual currency, where it has a value but not a fixed one like fiat.

Like a fiat, cryptocurrency can be used to make payments, transfer fund, and so on. But the question is, how it works.

First of all, someone who owns cryptocurrency needs an e-wallet to store them and they can send the funds to someone else with an e-wallet without a third-party authorisation. For example, if A wants to send some cryptocurrency to B, A just need to key in B’s wallet address and transfer. The transaction will be verified by miners who confirms that the fund was transferred from wallet A to wallet B.

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Unlike fiat that needs a bank or financial institution to approve the transaction, especially if it is a cross-border transaction, where the process may take up to a few days long. Whereas, cryptocurrency would take maximum 10 minutes for a transaction, even if it is cross-border.

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