How does bitcoin work?

Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network. Transactions are authenticated through Bitcoin’s proof-of-work consensus mechanism, which rewards cryptocurrency miners for validating transactions.

What is A millibitcoin (mBTC)?

A millibitcoin (mBTC) is 1/1000 of a Bitcoin. The smallest unit is a satoshi (sat), which is 1/100,000,000 of a Bitcoin. Transaction. A computer directive styled as "payer X sends Y Bitcoins to payer Z." Blockchain. Each transaction forms an unbroken link on the chain . This transparent, public chain is what allows Bitcoin to exist and be usable.

What is BTC (BTC)?

BTC definition: What is Bitcoin? Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

Is bitcoin a 'digital gold'?

Bitcoin is designed to be completely decentralized and not controlled by any single authority. With a total supply of 21 million, its scarcity and decentralized nature make it almost impossible to inflate or manipulate. For this reason, many consider bitcoin to be the ultimate store of value or ‘Digital Gold’.