What is Bitcoin?
Bitcoin is a decentralized digital currency that operates with no central authority or banks, it is operated by a decentralized authority.
Bitcoin was invented by Satoshi Nakamoto, is an anonymous person who outlined this technology in the 2008 whitepaper. Bitcoin is digital money that allows for secure peer-to-peer transactions on the internet.
Bitcoin can exchange any two people, anywhere in the world can send bitcoin each other with the Bitcoin address, is a unique identifier that serves as a virtual location where the cryptocurrency can be sent
Each transaction involving currencies is tracked on the blockchain, which is similar to a bank's ledger. means every transaction ever made using bitcoin.
With the blockchain, anyone can become part of that network, No company, country, or third party is in control of it, the bitcoin blockchain is distributed across the entire network.
How does Bitcoin work?
Once you've opened your bitcoin wallet, it will generate your first Bitcoin address, with this address you can send or receive bitcoin
The blockchain is a shared public ledger on which the entire Bitcoin network, all confirmed transactions are included in the blockchain. it allows Bitcoin wallets to calculate their spendable balance so that new transactions can be verified A transaction is transferred between bitcoin wallets that get included in the blockchain. Bitcoin wallets keep a secret piece of data called a private key, which is used to provide proof that they have come from the owner of the waller. every transaction in the network is usually confirmed within approx 10 to 20 minutes that's called Bitcoin Mining.
Bitcoin Mining is a distributed consensus system that is used to confirm pending transactions by including them in the blockchain. that allows different computers to agree on the state of the system to be confirmed, Mining also creates the equivalent of a competitive lottery that prevents any separate from easily adding a new block to the blockchain.
Who manage Bitcoin?
Bitcoin is controlled by all Bitcoin users around the world
How does it hold its value?
In short, Bitcoin has value People believe Bitcoin will one day be worth more than it is today, which increases their demand for it, and its value continues to grow, similar to gold.
How Bitcoin is secured?
Bitcoin is backed by a special system called the blockchain. Compared to other financial solutions, the blockchain is an improved technology that relies on secure core concepts and cryptography