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What is Bitcoin?

Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for third parties like banks.

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It was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto and is based on a peer-to-peer network known as blockchain.

Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a distributed network of computers known as nodes. Transactions are verified through complex mathematical algorithms and secured using cryptography, making them highly secure.

How does Bitcoin work?

Bitcoin is a decentralized digital currency that operates on a decentralized network of computers, known as a blockchain, which is a public ledger that records all transactions

Decentralized Network

Bitcoin operates on a decentralized network, which means it doesn't rely on a central authority, such as a bank or government, to process transactions or manage accounts. Instead, transactions are verified and recorded by network participants, which are connected to the blockchain.
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Mining

Bitcoin mining is the process of validating transactions, securing the Bitcoin network, and creating new bitcoins through the use of specialized computer hardware and software.

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Nodes

A Bitcoin node is a computer or a device that participates in the Bitcoin network by running the Bitcoin software protocol.

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Proof of Work (PoW)

Proof of Work (PoW) is the consensus mechanism used in Bitcoin, to secure the network and validate transactions.

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Blockchain

A blockchain is a decentralized and distributed digital ledger that records transactions across a network of computers in a secure, transparent, and immutable way.

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Exchanges

A Bitcoin exchange is a digital platform that allows users to buy, sell, and trade Bitcoin using various fiat currencies.

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Wallet

A Bitcoin wallet is a software or hardware tool that allows users to securely store, send, receive, and manage their Bitcoin holdings.

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