Expert Cryptocurrency Resources & Guidance
bitcoin
Bitcoin made simple
What is Bitcoin?
“A Peer-to-Peer Electronic Cash System”
A Peer-to-Peer Electronic Cash System
A computer running the Bitcoin software. We call these computers nodes.
A node can:
- Make Bitcoin
- Receive Bitcoin
- Send Bitcoin
- Keeps track of every Bitcoin in a ledger
- Does not allow anyone to cheat
This history of every bitcoin is put into blocks that are chained together and cannot be changed.
Block 3 is chained to Block 2 ...
Our nodes must agree on how many bitcoins everybody has.
The more nodes the merrier. Remember they all agree and no cheating. Anyone can run a node even you.
So where is your Bitcoin?
It is an entry in the ledger all the computers running Bitcoin share and agree on.