How does Bitcoin work?

Bitcoin has no central authority managing it. Unlike the dollar, there is no central board that adjusts the money supply, rate of money supply growth, or interest rates. In fact, there is a predetermined number of Bitcoins, 21 million, that can be mined. Once these Bitcoins have been mined, no new Bitcoins can be created.

Bitcoin is powered by the blockchain. The blockchain is an incredibly innovative piece of software. The block is a de-centralized system, where all transactions are verified across the network. It is a shared, yet anonymous, account of all activity on the blockchain. When one user sends bitcoin from his wallet, the transaction is confirmed across the blockchain. While the sender and receiver of the coin are anonymous, everyone can look at the chain and see the transaction occurred.

One of the most important features of Bitcoin is the anonymous nature of the transactions. While all transactions are visible on the Blockchain, the owner of each wallet is anonymous. Anyone can generate new anonymous Bitcoin wallet address, and most wallets now feature a tool for generating unique BTC addresses for each transaction, further increasing the anonymity of the Blockchain structure. The anonymous nature of Bitcoin is one of the most exciting features of the system and has drawn in a wide range of users to the Blockchain system.

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