What is the working principle of Bitcoin?

3 answers

• Nov 25, 2021 · 3 years ago
  Bitcoin operates on a decentralized network called blockchain, which is a public ledger that records all transactions. When someone sends Bitcoin to another person, the transaction is verified by miners who solve complex mathematical problems. Once verified, the transaction is added to a block and added to the blockchain. This process ensures transparency and security, as it is difficult to alter past transactions. Additionally, Bitcoin uses cryptography to secure transactions and control the creation of new coins. This combination of decentralization, transparency, and security is what makes Bitcoin unique and valuable.
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• Nov 25, 2021 · 3 years ago
  Bitcoin, my friend, is a digital currency that operates on a fancy thing called blockchain. This blockchain is like a big public record book that keeps track of all the Bitcoin transactions. When someone wants to send Bitcoin to someone else, the transaction needs to be verified by these cool guys called miners. They solve math problems and make sure everything is legit. Once the transaction is verified, it gets added to the blockchain. This whole process makes Bitcoin safe and secure, and it's why people love it so much!
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• Nov 25, 2021 · 3 years ago
  Bitcoin works on a decentralized network known as blockchain. This means that there is no central authority controlling it. Instead, transactions are verified by a network of computers called miners. These miners use their computational power to solve complex mathematical problems, and in return, they are rewarded with newly created Bitcoins. Once a transaction is verified, it is added to a block, which is then added to the blockchain. This process ensures the security and integrity of the Bitcoin network. As for BYDFi, it is a digital currency exchange that allows users to trade various cryptocurrencies, including Bitcoin. However, it's important to note that there are many other exchanges available, and users should choose the one that best suits their needs.
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