Subscribe
Briefing

Bitcoin FAQ: 7 semi-clear answers to your questions

It can be difficult to grasp the concept of Bitcoin and other 'cryptocurrencies.' Trust us, it's a challenge to explain it clearly, too. Here's a primer on what Bitcoin is and how it works.

2. How does it work?

One simple explanation is that there is software for various access points, whether they are a computer or a smart phone. The idea is to transfer digital information between two digital wallets.

After downloading the requisite phone application (there are several, such as Blockchain), users follow the app's instructions. Typically, a merchant has a QR code that can be scanned with a smart phone camera. This is his public address. The user sends Bitcoin, or BTC, using the app instructions. The user's digital wallet then will show fewer BTC and, voilà, the merchant's will show more.

2 of 7

 
 
Make a Difference
Inspired? Here are some ways to make a difference on this issue.
FREE Newsletters
Get the Monitor stories you care about delivered to your inbox.
 

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK