Each new block contains the latest set of transactional data. Learn more about Bitcoin How does Bitcoin work?īitcoin is made possible by the underlying technology it is built upon – the blockchain.Īs the name suggests, a blockchain is a series of blocks chained together. Since the network is run by thousands of computers globally, yet simultaneously governed by no-one, it is considered to be highly decentralised. None of the computers that run the Bitcoin network are any more important than any other computer, giving Bitcoin an essential quality of robustness and egalitarianism. Each computer that makes up the network is called a node.īitcoin has no CEO, headquarters, or official spokesperson. The Bitcoin network is made up of thousands of computers all over the world run by individuals, small businesses and large companies. The blockchain is replicated and continuously synchronised on every single computer that runs the Bitcoin network.
#Overview bitcoin november full#
The Bitcoin blockchain contains a full record of every Bitcoin transaction that has ever taken place since 3 January 2009.
Every transfer is a transaction, and each transaction is recorded in a database called the Bitcoin blockchain. The word Bitcoin can be used interchangeably to describe 3 things:īitcoin (BTC) is Internet money that can be transferred to and from anyone with an Internet connection. Since then, it has been on a trajectory of worldwide adoption. It was invented on 31 October 2008, and formally launched on 3 January 2009 by an anonymous entity known as Satoshi Nakamoto. It is not a recommendation to trade.īitcoin is the world's first cryptocurrency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
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