Bitcoin is cash for the internet
Bitcoin is cash for the internet. With just a phone and an internet connection, you can use Bitcoin to send funds nearly instantly to businesses, friends, and family anywhere on earth.
At its core, the technology that makes Bitcoin work is a public ledger which records every single bitcoin transaction. This ledger is called “the blockchain”. Every time bitcoin moves from one wallet to another, it’s publicly recorded in the blockchain and verified by a network of specialized computers (called “Bitcoin miners”).
All bitcoin transactions use a “push” payment mechanism, meaning that funds cannot be pulled from a user’s account. Funds are only transferred when the rightful owner of the funds initiates a transaction.
This process is part of what makes bitcoin payments uniquely secure: they can’t be forged or made without your permission. This whole process happens without any one company or organization running the show.
How Bitcoin Works
Once payment in bitcoin has been selected, an invoice is automatically generated. A QR code is displayed on the screen. The customer scans this code with a smartphone wallet app. The customer presses “Send,” and the payment is broadcast to the Bitcoin network. Alternative Payments processes the bitcoin and provides the merchant with a bank deposit in the local currency.