What is Bitcoin?

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

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.

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.

Proof of Work (PoW)

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

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.

Exchanges

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

Wallet

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