Bitcoin basics: What it is, how it works and how to invest - Business Insider

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What is Bitcoin? A beginner's guide to the world's most popular type of cryptocurrency, and tips for investing in it

, not just of late but throughout its 11-year-old life, Bitcoin still remains a mystery to casual and experienced investors alike. This shouldn't really be the case, since the basics of Bitcoin and how it works are relatively easy to understand. What is Bitcoin?

"It's called mining because it's like looking for gold. Anyone with a shovel can dig and look for gold, just as anyone with a computer can look for proof-of-work," says Song. Other individuals had attempted to develop forms of electronic money before , but most had failed to solve the 'double-spend' problem, in which bad actors can spend the same e-money twice. Nakamoto's main solution to this problem was to introduce a timestamped, permanent transactions ledger: the blockchain.

 

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'Investing' lol

horrible

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