How Bitcoin works ?

Bitcoins are transferred from person to person like cash. Instead of using a bank as a middleman, transactions are recorded in a public ledger (known as a blockchain in bitcoin speak) and verified by a pool of users called miners. While the ledger records transactions, no one can use your bitcoins without a special password. The technology behind this is open-source and considered rock solid. Passwords are virtually impossible to guess; and verification makes sure no one spends the same bitcoins in two places at once.

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