Cryptocurrency Q&A
Is bitcoin a software protocol?
Is bitcoin a software protocol?
Tommaso
Sat Jul 13 2024
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6 answers
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Excuse me, could you please elaborate on whether Bitcoin is indeed considered a software protocol? My understanding of Bitcoin is that it's a decentralized digital currency, but I've also heard references to it being a protocol. Could you clarify if it's the underlying technology, such as the blockchain, that constitutes the software protocol, or if Bitcoin itself is referred to as a protocol due to its rules and standards that govern the network? Is it a combination of both? I'm particularly interested in understanding the distinction between Bitcoin as a currency and Bitcoin as a software protocol. Thank you for your time and expertise in this matter.
6 answers
EchoChaser
Mon Jul 15 2024
Bitcoin is essentially a software protocol, an intricate system designed to function independently.
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Luca
Sun Jul 14 2024
The lack of a centralized point also ensures that Bitcoin does not rely on any indispensable hardware structure located in a specific location.
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Giulia
Sun Jul 14 2024
Even if certain parts of the network are disrupted or taken down, Bitcoin can continue to function due to its inherent redundancy and robustness.
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CherryBlossomGrace
Sun Jul 14 2024
This decentralized nature allows Bitcoin to operate without a central authority, ensuring its resilience and longevity.
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TaekwondoMasterStrength
Sun Jul 14 2024
The internal processes of Bitcoin can be executed on any computer machine, globally distributed among billions of devices.
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