Bitcoin is a consensus network that enables a new payment system and is a completely new digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled...
Bitcoin is the first implementation of a concept called “crypto currency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. In 2008, an anonymous internet user going...
The blockchain is a public ledger of every Bitcoin transaction that is distributed on every machine connected to the Bitcoin network. The blockchain will exist forever and is impossible to edit so long as the Bitcoin network survives. The balance of each Bitcoin address can be verified by analyzing the blockchain. About every ten minutes...
Mining is the term used for running a series of calculations on a computer to verify the transactions that take place in the Bitcoin network. About every ten minutes, a new block of transaction data is created and the miners who created the block are awarded a few bitcoins. This serves the Bitcoin network both...
