It's OK if you don't really understand cryptocurrency. This is how it works.
This ensures that nobody on the network is counterfeiting the currency or double-spending the same bitcoins. The transaction history is collectively agreed upon by every computer, so it can’t be later changed. Transactions are permanent.
This competition does two things: provides an incentive for people to maintain the network, and is the mechanism through which new bitcoins are created.On Oct. 31, 2008, somebody using the pseudonym Satoshi Nakamoto released a nine-page paper describing a new system of “electronic cash” called bitcoin.
In practice, however, that’s too unwieldy—and expensive—for most people. The most common way to buy bitcoin now is through a crypto exchange like Coinbase or Gemini, or a mobile broker like Robinhood, PayPal or WeBull. Exchanges and other intermediaries often act as custodians for your funds. This means they are responsible for safeguarding your account—to a degree. If you allow access to your account to somebody in a phishing scam for instance, that person can drain your funds, probably permanently. In bitcoin, there is no way to reverse a fraudulent transaction.A lot. Because crypto is such a new area, and has largely been unregulated or only lightly regulated, cons and frauds are rife.
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