Bitcoin explanation video
give you my digital apple. I mean, if I have a file that represents a dollar, whats to stop me from copying it a million times and having a million dollars? The individual miners then choose whether to install the new version of the software or stick to the old one, essentially voting with their processing power. Some guy actually put a hard number on it: 1,300 per apple. However the road toward acceptance by the majority of the public is still a long one. There are even Bitcoin debit cards that allow you to pay at almost any store with your Bitcoin balance.
When you own Bitcoin it means you own the right to access a specific Bitcoin address record in the ledger and send funds from it to a different address. However as time progressed, and due to macroeconomic changes, this bond between the paper receipt and the gold it stands for was broken. Since most money today is already digital, the bank basically manages its own ledger of balances and transactions. You have full control over that apple now. I have one apple with me, I give it to you. Where do bitcoins come from? We can now deal with 1,000 apples, or 1 million apples, or even.0000001 apples. If so, just leave them in the comment section below. Traditionally, this is done by having a trusted central authority (like PayPal) that verifies all of the transactions.
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