What is Bitcoin

 

BITCOIN

WHAT is BITCOIN. ?

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

How does Bitcoin work?
Instead, the Bitcoin system uses 'blockchain' technology to record transactions and the ownership of bitcoins. This is essentially technology that connects groups of transactions ('blocks') together over time (in a 'chain'). Each time a transaction occurs, it forms part of a new block that is added to the chain.


WHAT is a BLOCKCHAIN

In simple terms, a Blockchain is like a digital ledger that records transactions in a transparent and secure way. Imagine it as a chain of blocks, where each block contains a set of transactions. Once a block is added to the chain, it's very difficult to change or remove, making the information trustworthy and verifiable by everyone on the network. 

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