What are the basics of Bitcoin and how does it actually function?

3 answers

• Dec 18, 2021 · 3 years ago
  Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks. It operates on a technology called blockchain, which is a public ledger that records all transactions. Bitcoin transactions are verified by network nodes through cryptography and added to the blockchain. This ensures transparency and security. Bitcoin can be used for various purposes, including online purchases, investments, and remittances. Its value is determined by supply and demand in the market, similar to traditional currencies. Overall, Bitcoin offers a decentralized and secure way to transfer value globally.
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• Dec 18, 2021 · 3 years ago
  Bitcoin, baby! It's like digital gold, man. You can send it to anyone, anywhere in the world, without needing a bank or government to approve it. It's all about the blockchain, which is like a big public record book that keeps track of every Bitcoin transaction. It's super secure because it uses fancy math and cryptography. People use Bitcoin for lots of things, like buying stuff online or investing. The price goes up and down, just like any other currency. It's a wild ride, but it's changing the game, dude!
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• Dec 18, 2021 · 3 years ago
  Bitcoin is a decentralized digital currency that operates on a technology called blockchain. It was created by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin transactions are verified by network nodes, which are computers that participate in the Bitcoin network. These nodes use complex mathematical algorithms to validate transactions and add them to the blockchain. This process is called mining. Bitcoin has a limited supply of 21 million coins, which makes it a deflationary currency. It is highly volatile and its value can fluctuate greatly. Bitcoin has gained popularity as an alternative investment and a means of transferring value across borders.
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