It’s no secret that the Bitcoin boom has rapidly evolved to transform the way we imagine global currency in a digital world. As cryptocurrency continues becoming a normalized alternative to cash, coins and credit cards — more merchants are accepting this digital money as a viable payment method.
Bitcoin transactions are made directly between users, without the need for physical currency. Additionally, Bitcoin can be exchanged for other forms of money, products or services. These transactions are verified by a network of nodes and recorded in a publicly distributed ledger, or Blockchain, that functions to authenticate bitcoins as legitimate currency. Bitcoin mining refers to bitcoins that are created as a reward, in which users verify and record transactions in the Blockchain. Users who mine successfully receive payments per transaction in the form of new bitcoins.