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What Is Bitcoin And How Does It Work?

What Is Bitcoin And How Does It Work?


Published on 2024-12-31 08:42:51 - Forbes
  Print publication without navigation

  • What is Bitcoin? Learn how this revolutionary cryptocurrency works, its underlying technology, and why it's changing the future of finance.

Bitcoin is a decentralized digital currency, created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto, which operates without a central authority like a bank or government. It uses blockchain technology, a distributed ledger that records all transactions across a network of computers, ensuring transparency and security through cryptographic means. Bitcoin transactions are verified by network nodes and recorded in blocks, which are linked and secured using cryptography. The supply of Bitcoin is capped at 21 million, making it deflationary by design. Its value is determined by supply and demand in the market, and it's used for various purposes including investment, as a hedge against inflation, and for transactions where privacy and security are paramount. Bitcoin's underlying technology has inspired numerous other cryptocurrencies and has potential applications beyond currency, in areas like smart contracts and decentralized finance.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/digital-assets/article/what-is-bitcoin-and-how-does-it-work/ ]
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