Questions tagged [bitcoin network]

Claudio Thu Nov 28 2024 | 5 answers 1400

I want to know who operates the Bitcoin network. Is it a central authority or a decentralized group? Who are the people or entities responsible for maintaining and running the Bitcoin network?

JejuSunshine Thu Oct 10 2024 | 5 answers 1312

I'm looking for information on which Bitcoin network offers the lowest fees. Specifically, I want to know which network provides the most cost-effective option for Bitcoin transactions, considering factors like transaction fees and network efficiency.

MountFujiMystic Thu Aug 29 2024 | 5 answers 915

Could you please elaborate on how the Bitcoin network relies heavily on a predefined set of rules to maintain its integrity and functionality? Specifically, how do these rules govern transactions, mining, and the issuance of new coins? Also, how are these rules enforced, and what consequences do users face if they violate them? Lastly, what is the role of consensus mechanisms in ensuring that all participants adhere to these rules?

CryptoQueen Sun Jul 14 2024 | 7 answers 1338

When delving into the question of "Who owns the Bitcoin network?", it becomes apparent that the answer is not as straightforward as one might initially assume. The bitcoin network is a decentralized system, meaning there is no single entity that holds ownership over it. Instead, the network is governed by a collective of miners who validate transactions and secure the blockchain through a consensus mechanism known as proof-of-work. This distributed nature allows the bitcoin network to remain robust and resilient, with no single point of failure or central authority. Therefore, while no individual or organization owns the bitcoin network outright, it is the collective effort of miners and users that ensures its continued operation and security.

ChristopherWilson Sat Jul 13 2024 | 5 answers 852

As a cryptocurrency enthusiast, I'm curious to understand how congestion impacts the Bitcoin network. Could you elaborate on how transaction congestion arises? What are the primary factors that contribute to this? Additionally, how does congestion affect the transaction speed, fees, and overall efficiency of the network? Is there a limit to the number of transactions the Bitcoin network can process at any given time? If so, how does this limitation contribute to congestion? Lastly, what are some proposed solutions or strategies to mitigate congestion on the Bitcoin network? I'm interested in understanding both the technical and economic aspects of this issue.