But it may be better to think of their units as virtual chips instead of physical coins or bills .
However , like all currencies, their value is determined by the amount of people willing to change it.
To process
transactions bitcoin should be performed a procedure called "mining " involving a team to solve a difficult math problem with a solution of 64 digits.
For each problem solved bitcoin block is processed. Besides the " mining " is rewarded with new bitcoins .
There are currently about 11 million bitcoins in existence.
To receive a bitcoin a user must have an e Bitcoin , a chain of 27 to 34 letters and numbers , which acts as a kind of virtual mailbox and where you send and receive bitcoins .
Since there is no record of these addresses , people can use to protect their anonymity when making a transaction.
These addresses are in turn stored in bitcoin wallets that are used to manage savings .
Function as privately run bank accounts , provided that if the data is lost also lost bitcoins .
