{"id":565794,"date":"2021-06-16T14:51:56","date_gmt":"2021-06-16T18:51:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=565794"},"modified":"2021-06-16T14:51:59","modified_gmt":"2021-06-16T18:51:59","slug":"what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works\/","title":{"rendered":"What Exactly Is Bitcoin? Here\u2019s How The World\u2019s Largest Cryptocurrency Actually Works"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhat-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=565794&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1289159764-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>In recent months, the subject of cryptocurrency has received avid attention, with prices soaring and plunging based on the news cycle or the Twitter proclamations of various business leaders. And, as the largest, most traded, cryptocurrency in the world, Bitcoin finds itself at the center of most of these conversations.<\/span><\/p>\n<p><span>But what is Bitcoin?<\/span><\/p>\n<p><span>Like U.S. Dollars and Pound Sterling are examples of physical currency, Bitcoin is one example of a cryptocurrency, forms of money which are entirely digital. There is no such thing as a physical \u201ccoin\u201d that denotes a Bitcoin.<\/span><\/p>\n<p><span>Instead, units of Bitcoin are stored as computer files on a \u201cdigital wallet,\u201d which are accessible on computers or smartphones. <a href=\"https:\/\/www.coinbase.com\/\">Coinbase<\/a> is one popular example of such a digital wallet. Using these digital wallets in the virtual world, individuals can send and receive cryptocurrencies over the internet, in much the same way that people exchange currencies in physical or electronic form using traditional banking.<\/span><\/p>\n<p><span>While banking institutions are responsible for tracking transactions \u2014 for example, if you were to send $100 to a friend, your bank would record the withdrawal and transfer, while their bank would record the transfer and deposit \u2014 Bitcoin is a \u201cdecentralized\u201d digital currency. This means that there is no central bank or administrator responsible for \u201crunning\u201d the currency.<\/span><\/p>\n<p><span>Instead, transactions are recorded in one public list known as a \u201cblockchain,\u201d which makes it almost impossible for anyone to attempt or complete a falsified transaction, or claim to be the owner of cryptocurrencies they do not possess.<\/span><\/p>\n<p><span>There are three ways cryptocurrencies like Bitcoin can be obtained using this system. First, you can buy Bitcoins using traditional currencies such as U.S. Dollars. Coinbase, for example, offers this service, with a real-time exchange rate applied in the same manner as every other currency purchase. <\/span><\/p>\n<p><span>Second, you can receive Bitcoin transfers from someone else who already owns the cryptocurrency. <\/span><span>Finally, you can create new Bitcoins from an effectively limited remaining supply by \u201cmining.\u201d<\/span><\/p>\n<p><span>Bitcoin, and other cryptocurrencies, rely on various complex algorithms to process, store, and verify transactions on the public \u201cblockchain.\u201d This means that a number of computers are required to run increasingly complicated calculations, which serve as Bitcoin\u2019s \u201crecord keeping\u201d infrastructure and involve the use of cryptography \u2014 the writing and solving of codes.<\/span><\/p>\n<p><span>The primary reason cryptocurrencies like Bitcoin are so popular is that the coin is \u201cdecentralized\u201d \u2014 it is not controlled by a central bank or government entity. This makes it theoretically more reliable in the context of inflation or government manipulation. However, price volatility remains for a number of reasons. Another attractive feature of cryptocurrency is that it allows users to remain somewhat anonymous, with only account numbers visible publicly.<\/span><\/p>\n<p><span>Bitcoin has an all-time high of $64,829.14, and a total current supply of 18.74 million. Bitcoin has a current market cap of $736.05 billion, according to <\/span><a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\"><span>CoinDesk<\/span><\/a><span>.<\/span><\/p>\n<p><i><span>Ian Haworth is an Editor and Writer for The Daily Wire. Follow him on Twitter at <\/span><\/i><a href=\"https:\/\/twitter.com\/ighaworth\"><i><span>@ighaworth<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n<p><i><span>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/span><\/i><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent months, the subject of cryptocurrency has received avid attention, with prices soaring and plunging based on the news cycle or the Twitter proclamations of various business leaders. And, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280475,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1289159764-1200x800-1.jpg","fifu_image_alt":"What Exactly Is Bitcoin? Here\u2019s How The World\u2019s Largest Cryptocurrency Actually Works","footnotes":""},"categories":[],"tags":[],"class_list":["post-565794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1289159764-1200x800-1.jpg","fifu_image_alt":"What Exactly Is Bitcoin? Here\u2019s How The World\u2019s Largest Cryptocurrency Actually Works","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/565794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=565794"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/565794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280475"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=565794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=565794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=565794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}