How does Bitcoin work and what is the underlying technology explained?

7 answers

• Dec 28, 2021 · 3 years ago
  Sure! Bitcoin is a decentralized digital currency that operates on a technology called blockchain. It allows users to send and receive payments without the need for a central authority, such as a bank. Transactions are verified by network nodes through cryptography and recorded on a public ledger. This ledger, known as the blockchain, ensures transparency and security. Miners use powerful computers to solve complex mathematical problems, which validate transactions and add them to the blockchain. This process is called mining. Bitcoin's underlying technology, the blockchain, is a distributed ledger that stores all transaction data across a network of computers. It is designed to be secure, transparent, and resistant to fraud.
  735368
• Dec 28, 2021 · 3 years ago
  Bitcoin works by utilizing a decentralized network of computers to verify and record transactions. When someone sends Bitcoin to another person, the transaction is broadcasted to the network. Miners then compete to solve complex mathematical problems in order to validate the transaction and add it to the blockchain. Once the transaction is confirmed, it becomes a permanent part of the blockchain and cannot be altered. This decentralized nature of Bitcoin ensures that no single entity has control over the currency, making it resistant to censorship and manipulation. The underlying technology, blockchain, provides a transparent and secure way to store and transfer value.
  677226
• Dec 28, 2021 · 3 years ago
  Bitcoin operates on a technology called blockchain, which is a decentralized and transparent ledger. When a transaction is made, it is added to a block along with other transactions. Miners then compete to solve a mathematical puzzle, and the first one to solve it gets to add the block to the blockchain. This process ensures that transactions are verified and recorded in a secure and tamper-proof manner. The blockchain technology behind Bitcoin has the potential to revolutionize various industries, including finance, supply chain management, and voting systems. It provides a transparent and efficient way to transfer and store value without the need for intermediaries.
  676169
• Dec 28, 2021 · 3 years ago
  Bitcoin is a digital currency that operates on a technology called blockchain. It allows for peer-to-peer transactions without the need for intermediaries. When a transaction is made, it is broadcasted to the network and verified by miners. Miners use their computational power to solve complex mathematical problems, which adds the transaction to the blockchain. This process ensures the security and integrity of the Bitcoin network. The underlying technology, blockchain, is a distributed ledger that records all transactions in a transparent and immutable manner. It provides a decentralized and secure way to transfer and store value.
  639128
• Dec 28, 2021 · 3 years ago
  Bitcoin is a decentralized digital currency that operates on a technology called blockchain. It allows for secure and transparent transactions without the need for a central authority. When a transaction is made, it is verified by network nodes and added to a block. Miners then compete to solve a mathematical puzzle, and the winner gets to add the block to the blockchain. This process ensures that transactions are validated and recorded in a secure and immutable manner. The underlying technology, blockchain, has the potential to disrupt traditional financial systems and enable new forms of decentralized applications.
  624104
• Dec 28, 2021 · 3 years ago
  Bitcoin is a digital currency that operates on a technology called blockchain. It allows for peer-to-peer transactions without the need for intermediaries. When a transaction is made, it is verified by network nodes and added to a block. Miners then compete to solve a mathematical puzzle, and the first one to solve it gets to add the block to the blockchain. This process ensures the security and integrity of the Bitcoin network. The underlying technology, blockchain, is a distributed ledger that records all transactions in a transparent and immutable manner. It provides a decentralized and secure way to transfer and store value.
  63691
• Dec 28, 2021 · 3 years ago
  Bitcoin is a decentralized digital currency that operates on a technology called blockchain. It allows for secure and transparent transactions without the need for a central authority. When a transaction is made, it is verified by network nodes and added to a block. Miners then compete to solve a mathematical puzzle, and the winner gets to add the block to the blockchain. This process ensures that transactions are validated and recorded in a secure and immutable manner. The underlying technology, blockchain, has the potential to disrupt traditional financial systems and enable new forms of decentralized applications.
  62478