A bitcoin cannot be counterfeited. This is because there is a list of every transaction that has taken place and the order in which they took place on the bitcoin network. This list is called the blockchain and every bitcoin user has access to this list. Think of this as a form of "checks and balances" for the Bitcoin network. This self-regulatory nature of bitcoin is one of the key aspects of having a decentralized currency - without some form of checks and balances, the whole system falls apart.
Articles in this section
- What is Ripple (XRP)?
- Do taxes applicable to Virtual Currency/Digital Assets gains?
- Behavior Policy
- I bought Bitcoin at Rs. 1000, but it shows Rs. 990 at google, why?
- What is the difference between "Bitcoin wallet ID" and "Bitcoin wallet address"?
- Why Join Bitcoin India Pool?
- How to pay with bitcoin to at any merchant site?
- How do I get support for my bitcoin purchase?
- Where can I find more information on Bitcoin?
- What is Bitcoin India™?