Bitcoin Overview

What is Bitcoin?Bitcoin (BTC) is the first successful decentralized cryptocurrency. It uses peer-to-peer technology to operate without the need for a central authority behind it. Bitcoin transactions are registered on open-source software.Bitcoin uses blockchain technology to ensure transactions are secure and censorship-resistance. A blockchain is a distributed ledger, or a shared database that, in BTC’s case, anyone can access to verify transactions.While anyone can access these transactions, Bitcoin works through pseudonymous addresses. This means that while anyone can see the transaction occurred – meaning address A sent BTC to address B – often only the sender and receiver know who’s behind each address.Blockchains are essentially built through blocks of data chained together – forming a chain of blocks – with each new block building on the previous one. Transactions are verified by validators, which on the Bitcoin network are called miners. These use specialized hardwar ...Show more