When you first heard about Bitcoin, you probably wondered why the need for this coin existed in the first place. There are a ton of people who are using traditional methods when making payments. Each country produces its own currency or uses one of the more powerful fiat currencies from another country.
One of the reasons why people are attracted to Bitcoin and why Bitcoin ATM locations in Detroit, MI are so popular is the decentralized status of the currency. People like the idea that there is not a central government or central financial authority that regulates Bitcoin. This is probably the biggest thing that sets Bitcoin apart from fiat currencies.
Bitcoin payments work via a private network of computers. This network of computers is linked together to a shared ledger. If a person visits Bitcoin ATM locations in Detroit, MI to withdraw Bitcoin, this withdraw is recorded in a blockchain. Every computer that is connected to the shared ledger is instantly updated with the information for each account. Since the information is simultaneously updated and closely monitored by thousands of computers, there is no need for a centralized organization to control records of how this currency is being used.
Bitcoin was created shortly after the economic downturn that took place in 2008. People lost confidence in big banks, governments, and other financial institutions. They wanted something that was going to be fair, monitored, and retain its value regardless of what was going on with governments and industry.
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