Bitcoin is a type of digital or cryptocurrency that operates on a decentralized peer-to-peer network, allowing for the transfer of value without the need for a central authority or intermediary like a bank. It was introduced in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto.
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Here's a simplified overview of how Bitcoin works:
Blockchain Technology: Bitcoin transactions are recorded on a public ledger called the blockchain. The blockchain is a chain of blocks, each containing a list of transactions. This decentralized and transparent system ensures the integrity and chronological order of transactions.
Decentralized Network: Bitcoin operates on a decentralized network of computers (nodes) that validate and record transactions. This eliminates the need for a central authority, making it resistant to censorship and interference.
Cryptographic Security: Bitcoin uses cryptographic techniques to secure transactions and control the creation of new units. Private keys, which are secret codes known only to the owner, are used to sign transactions, providing mathematical proof that they have come from the owner of the wallet.
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Mining: New bitcoins are created through a process called mining. Miners use powerful computers to solve complex mathematical problems that validate and secure transactions. In return for their efforts, miners are rewarded with newly created bitcoins. This process also adds new transactions to the blockchain.
Limited Supply: There is a maximum limit of 21 million bitcoins that can ever be mined. This scarcity is programmed into the system to mimic the scarcity of precious metals like gold.
Wallets: Bitcoin wallets are used to store and manage bitcoins. Each wallet has a public key (an address used for receiving funds) and a private key (a secret code for authorizing outgoing transactions).
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