Post
Arron Poe PIpg
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Bitcoin is considered the first decentralized digital currency in the world, and it is akin to "digital gold" that changed our concept of money and financial transactions since its emergence in 2009.
Here is a comprehensive and simplified overview of what it is and how it works:
1. What is Bitcoin?
Bitcoin is a virtual currency that is traded only online, and it has no physical existence like coins or banknotes.
The creator: An unknown person (or group) who named himself Satoshi Nakamoto.
Decentralization: It is not subject to the control of central banks or governments; rather, it is managed by a global network of computers.
2. How does it work? (Blockchain technology)
Bitcoin relies on a technology called blockchain. Imagine it as a public and open ledger that records every transaction that takes place around the world, and no one can manipulate it or erase its data.
Here is a comprehensive and simplified overview of what it is and how it works:
1. What is Bitcoin?
Bitcoin is a virtual currency that is traded only online, and it has no physical existence like coins or banknotes.
The creator: An unknown person (or group) who named himself Satoshi Nakamoto.
Decentralization: It is not subject to the control of central banks or governments; rather, it is managed by a global network of computers.
2. How does it work? (Blockchain technology)
Bitcoin relies on a technology called blockchain. Imagine it as a public and open ledger that records every transaction that takes place around the world, and no one can manipulate it or erase its data.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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