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How does Bitcoin work

How does Bitcoin work

Bitcoin works on a decentralized network of computers that maintain a shared ledger called the blockchain, which contains all confirmed transactions. Each transaction is digitally signed and verified by network nodes, and once verified, it is added to the blockchain. The process of verifying transactions and adding them to the blockchain is called mining, and the nodes that perform this function are called miners. Miners receive newly minted bitcoins as a reward for their work and also earn transaction fees from users. The supply of bitcoins is limited to 21 million, and the creation of new bitcoins slows down over time, making it similar to a precious metal. This decentralized system makes it difficult for a single person or entity to manipulate or control the currency, adding to its security and stability.


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Andrew McCombe
Andrew McCombe
Andrew McCombe is the Co-founder of Web 3.0 TV - > Web 3.0 TV shares inspiring web 3.0 stories making a difference to the world - Web 3 TV


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