Cryptocurrency Q&A
What is bitcoin based on?
What is bitcoin based on?
Martino
Sat Jul 06 2024
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7 answers
1371
Could you elaborate on the fundamental principles and technologies that underlie Bitcoin? I'm curious to understand the CORE concepts that drive this digital currency. Specifically, I'm interested in knowing about the blockchain technology, the decentralized nature of the network, and the cryptographic algorithms that ensure the security and integrity of transactions. Additionally, I'd like to know how Bitcoin's supply is limited and how mining plays a role in maintaining the network. Could you provide a concise yet comprehensive explanation of the foundations of Bitcoin?
7 answers
Alessandra
Mon Jul 08 2024
The blockchain serves as a digital ledger that records all Bitcoin transactions.
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EthereumEmpress
Mon Jul 08 2024
Each transaction is verified and added to the blockchain by a network of computers, ensuring its accuracy and security.
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ZenBalance
Mon Jul 08 2024
This ledger is publicly accessible, meaning anyone with an internet connection can view the history of Bitcoin transactions.
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Elena
Mon Jul 08 2024
Bitcoin's underlying technology is blockchain, a decentralized ledger system governed by a consensus mechanism.
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CryptoTamer
Mon Jul 08 2024
The transparency provided by the blockchain allows for increased trust in the Bitcoin network, as transactions are immutable and cannot be tampered with.
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