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Does bitcoin work for everyone?

Bitcoin works for anyone with a device that can access and connect to the internet regardless of their location.

someone taking bitcoin from a computer monitor

You have heard that Bitcoin is digital, virtual, or electronic money. It’s a cryptocurrency, meaning it’s a form of internet money. Essentially, anybody with a computer, smartphone, or tablet should access Bitcoin.

Today, many people call Bitcoin the fiat money’s online version. That’s because individuals and organizations can use Bitcoin to pay for services and buy products.

However, not every local or online business or shop will accept Bitcoin as a payment. Also, countries like China have banned Bitcoin altogether.

That notwithstanding, several countries, businesses, and organizations accept Bitcoin. For instance, Bitcoin is a legal tender in El Salvador, meaning that citizens can use it alongside the U.S dollar. Also, companies like PayPal and MicroStrategy accept Bitcoin payments.

Additionally, crypto exchanges like allow individuals and organizations to purchase and sell this virtual currency. Such digital marketplaces have made Bitcoin trading and investing increasingly popular, with individuals and organizations making good money from their activities.

Understanding How Bitcoin Works

illustration of a person sitting on a pile of bitcoins
Image: Open Geeks Lab

Bitcoin is a computer file that users store in a crypto wallet or a digital wallet, an application that users install on a computer or a smartphone.

You can send Bitcoins or tokens to your crypto wallet after buying them on a crypto exchange. Also, you can transfer coins from your digital wallet to another person’s crypto wallet.

The blockchain records all Bitcoin transactions in a public digital ledger. That means every participant in Bitcoin’s blockchain can access and trace every coin’s history.

People or computers called miners or nodes verify and validate Bitcoin transactions in the blockchain by solving cryptographic puzzles.

Consequently, Bitcoin users can’t spend coins without having them in their crypto wallets. Also, Bitcoin’s underlying technology prevents users from undoing transactions by making copies of their tokens for double-spending purposes.

Getting Bitcoin

Bitcoin works for anybody with an electronic device for accessing and using the internet. Thus, you can join the Bitcoin network, buy, sell, or use Bitcoin as long as you have a computer, tablet, or smartphone.

You can get Bitcoin via any of these methods.

  • You can buy Bitcoin with fiat money on a crypto exchange
  • You can receive Bitcoins in your digital wallet as a payment for a product or service
  • You can use your computer to mine Bitcoin

Bitcoin miners use powerful computers to process transactions, playing a vital role in this cryptocurrency’s system. Bitcoin miners solve complicated mathematical puzzles, and the network rewards them with new digital coins.

However, Bitcoin mining is not easy because the cryptographic puzzles continue to be difficult, and solving them costs more electricity and computational power. Therefore, most people prefer buying Bitcoins with fiat money instead of mining them.

Bitcoin and Trust

Image: Unsplash

Some people don’t use Bitcoin because they don’t think its adoption, acceptance, and applications will increase. Also, outright bans by some governments make investors and traders afraid of embracing this virtual currency.

However, some entities trust this virtual currency because it doesn’t require them to depend on a central authority to function.

Being decentralized and open-source means anybody with a computer and internet can access and use Bitcoin. Essentially, any entity can access Bitcoin’s entire source code anytime.

Developers verify how this virtual currency works anytime, anywhere. Additionally, any participant in Bitcoin’s blockchain can transparently consult the existing Bitcoins and transactions in real-time.

What’s more, individuals and organizations can complete Bitcoin transactions without third parties. Peer-reviewed cryptographic algorithms protect the entire Bitcoin system.

Bitcoin doesn’t have a central authority like an individual or organization controlling it. However, its technology remains secure despite having untrustworthy and trustworthy users.

Bitcoin works for anyone with a device that can access and connect to the internet regardless of their location.

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