29 Feb How does bitcoin work? | Fox Business
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FOX Business’ Kristina Partsinevelos reports on the 4,000 bitcoin — about $39 million worth — being auctioned off that were seized from people who were convicted of a crime.
Bitcoin is used by nearly 25 million people worldwide. It’s a type of cryptocurrency, or digital money, that lets consumers buy goods and services, or trade their coins for a profit.
Cryptocurrencies are decentralized, meaning unlike standard credit and debit, they’re controlled by users and computer algorithms as opposed by a central bank or government.
Digital coins can be obtained online for dollars, through the exchange of good and services, or by trading already-obtained cryptocurrencies for other cryptocurrencies. There are even bitcoin ATMs, or kiosks where users can purchase bitcoin by using cash or debit.
Transactions are sent using software called cryptocurrency wallets. The person who creates the transaction uses the wallet to transfer balances from one public address to another. Each transaction…
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