How does bitcoin work?

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network called the blockchain. It allows for secure, transparent, and fast transactions without the need for intermediaries like banks. Here is how Bitcoin works:

  1. Transactions: Users can send and receive bitcoins through the network. Each transaction is verified and recorded on the blockchain.
  2. Blockchain: The blockchain is a public ledger that contains a record of all Bitcoin transactions. It is decentralized and maintained by a network of computers called nodes.
  3. Mining: Bitcoin miners use powerful computers to solve complex mathematical problems that validate transactions and add them to the blockchain. Miners are rewarded with newly created bitcoins for their work.

Last updated 10/21/2023, 10:38:23 AM

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