Can you explain how Bitcoin works in simple terms?

3 answers

• Nov 28, 2021 · 3 years ago
  Sure! Bitcoin is a decentralized digital currency that operates on a technology called blockchain. It allows people to send and receive money without the need for a central authority, like a bank. Transactions are recorded on the blockchain, which is a public ledger that is maintained by a network of computers called miners. These miners use their computing power to solve complex mathematical problems, which helps validate and secure the transactions. Once a transaction is verified, it is added to a block and added to the blockchain. This process ensures that transactions are transparent, secure, and cannot be tampered with.
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• Nov 28, 2021 · 3 years ago
  Bitcoin works by using a technology called blockchain, which is like a digital ledger that keeps track of all transactions. When someone wants to send Bitcoin to someone else, they create a transaction and broadcast it to the network. Miners then compete to solve a complex mathematical puzzle, and the first one to solve it gets to add the transaction to a block. Once the block is added to the blockchain, the transaction is considered confirmed. This decentralized system ensures that transactions are secure and cannot be altered or reversed.
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• Nov 28, 2021 · 3 years ago
  Bitcoin operates on a technology called blockchain, which is a decentralized and transparent ledger. When someone wants to send Bitcoin, they create a transaction and sign it with their private key. This transaction is then broadcasted to the network, where miners validate and confirm it. Miners use their computational power to solve complex mathematical problems, and once a problem is solved, the block is added to the blockchain. This process ensures that transactions are secure, transparent, and cannot be manipulated. As for BYDFi, it is a digital currency exchange that provides a platform for users to trade various cryptocurrencies, including Bitcoin. However, it's important to note that there are many other reputable exchanges available as well.
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