Quote from: Macy Jones on Today at 10:05:10 AM

Quote from: sajedul islam on June 27, 2020, 07:09:53 AM

How does Bitcoin work?

Bitcoin is a completely virtual currency. It does not require a bank to transact or save. Although it cannot be touched or touched, its use is similar to that of ordinary coins. Bitcoins are used to purchase products and services online. Many people keep depositing bitcoin in the hope of future price increases. Bitcoin transactions are done through peer-to-peer system. Bitcoins are stored in the user's wallet. Wallets can be both online and offline. Wallet is a kind of personal small database. This database can be stored on computer drives, smartphones, tablets or cloud storage. Various applications have also been created for use as wallets.

Each wallet has a specific address. This address is encrypted. Bitcoin transactions are made by transferring bitcoins from one address to another. Each transaction is recorded in an open ledger called Blockchain. One bitcoin is added to the network after each transaction is completed. This is called bitcoin mining. Blockchain and bitcoin mining are two important issues in the Bitcoin transaction system.

Yes that's correct, It is basically a software. Bitcoin is a digital currency, a decentralized system which records transactions in a distributed ledger called a blockchain.

Quote from: toma786 on Today at 08:17:47 AM

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.
It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.

What's going on in this forum?One newbie posted a completely wrong forum thread about what Bitcoin is and now other newbies agree with his wrong theory and post their wrong theories.
The mistakes were already pointed out in this thread,so I won't bother pointing them again.
It is weird to me that actual Bitcoin newbies are acting like some sort of Bitcoin experts and trying to teach other people about what Bitcoin actually is.
"Bitcoin is a computer file","Every wallet has one address"...I'm like WTF? You newbies make me laugh.
Maybe this is the entire purpose of this forum thread.