Are physical bitcoins worth anything?
Cryptocurrency Bitcoins - how they work
Without coins or bills: digital equivalent of cash
To start with, a brief explanation of the terms: The word "currency" in connection with Bitcoins is actually not entirely correct, because behind it are not state institutions such as central banks, but private companies.
The Bitcoin payment system was initiated as an attempt to create a digital equivalent to cash in 2007. The initiator was a still unknown person or group who then appeared under the pseudonym Sathohi Nakamoto. There is no real, substantive value behind Bitcoin. There are no coins or bills.
V.coded and decentralized organized
In contrast to the classic banking system, Bitcoins work completely anonymously on the basis of a decentralized booking system with a digital signature via a network of computers with equal rights. This system, the so-called blockchain, works like a digital cash book that publicly records all transactions made.
Software collects the transfer data, combines them into blocks and links them together like a chain. This is where the term blockchain comes from. The computing capacities required for this are provided by Bitcoin in a decentralized manner, so-called "miners" who operate decentralized server farms. The "Bitcoin miners" are rewarded for this in the digital currency.
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