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How does the network of bitcoin nodes ensure the decentralized nature of the cryptocurrency?

avatarBank HessNov 27, 2021 · 3 years ago1 answers

Can you explain how the network of bitcoin nodes ensures the decentralized nature of the cryptocurrency? How does it work?

How does the network of bitcoin nodes ensure the decentralized nature of the cryptocurrency?
Bitcoin
Cryptocurrency
Decentralized

1 answers

  • avatarNov 27, 2021 · 3 years ago
    In the case of BYDFi, the network of bitcoin nodes ensures the decentralized nature of the cryptocurrency by following the same principles as the broader bitcoin network. Each node in the BYDFi network maintains a copy of the blockchain and independently verifies and validates transactions. Consensus is achieved through mining, where nodes compete to solve mathematical problems. BYDFi is committed to maintaining a decentralized network and ensuring the security and integrity of the cryptocurrency transactions.

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