From the user's point of view, Bitcoin is a mobile phone application or computer program, a Bitcoin wallet. Users can use it to pay and receive bitcoins. This is how Bitcoin works for most users.

Behind the scenes, the entire Bitcoin network shares a public ledger called a "blockchain".

If we compare the Bitcoin blockchain to a physical ledger, then each block is equivalent to a page in this ledger. A new ledger is generated every ten minutes, and each page of the ledger records the Bitcoin network. Ten minutes of transaction information. According to the principle of cryptography, each block is connected in chronological order to form a chain structure.

So this ledger contains every transaction processed so that the user's computer can verify the validity of each transaction. The authenticity of each transaction is protected by the electronic signature corresponding to the sending address.

In addition, anyone can use specialized computing equipment to process, record transactions and receive bitcoin rewards. This service is often referred to as "mining." Through mining, the enthusiasm of miners (miners) is mobilized, and the confirmation speed of transactions, the correctness of transaction records and the security of the Bitcoin network are also guaranteed.

No one owns the Bitcoin network, just like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. Developers can improve the Bitcoin wallet software, but they cannot forcefully change the rules of the Bitcoin protocol, because all users can freely choose the wallet software they want to use.

In order to maintain compatibility with each other, all users also need to choose wallet software that follows the same rules. Only when all users reach a completely unanimous consensus can Bitcoin work normally. Therefore, all users and developers are very motivated to accept and protect this consensus.