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How Bitcoin Works from Mohammad Daniyal's blog

Bitcoins are a decentralized form of crypto currency. Meaning, they are not regulated by a financial institution or the government. As such, unlike a traditional bank account, you do not need a long list a paperwork such as an ID in order for you to establish what's known as a bitcoin wallet. The bitcoin wallet is what you will use to access your bitcoins and to send bitcoins to other individuals.


How To Setup An Account


You can acquire a bitcoin wallet from a bitcoin broker such as Coinbase. When you open up a wallet through a certified broker, you are given a bitcoin address which is a series of dark web wallet and letters, similarly to an account number for a bank account and a private key which is a series of numbers and letters as well, which serve as your password.


How Does Bitcoin Work As An Anonymous Payment Processor


You can do 3 things with bitcoins, you can make a purchase, send money anonymously to someone or utilize it as an investment. More and more merchants have been accepting bitcoins as a form of payment. By utilizing bitcoins instead of cash, you are essentially making that purchase anonymously. The same thing goes for sending money, based on the fact that you do not have to submit a mountain of payment in order for you to establish a bitcoin anonymously, essentially you can send money to someone else anonymously.


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