Bitcoin
What is Bitcoin?
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
How does Bitcoin work?
Bitcoin works on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers. When a transaction is made, it is verified by network nodes and added to a block on the blockchain. This block is then added to the existing chain of blocks, creating a secure and transparent record of all transactions.
Benefits of Bitcoin
Some of the benefits of using Bitcoin include lower transaction fees, anonymity for users, security against fraud, and the ability to make cross-border transactions quickly and easily.