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'''Q. How does Bitcoin work?'''
'''Q. How does Bitcoin work?'''


A. Bitcoin utilises [[wikipedia:Public-key cryptography|public-key cryptography]]. A coin contains the owner's public key. When a coin is transferred from user A to user B, A adds B’s public key to the coin, and the coin is signed using A's private key. B now owns the coin and can transfer it further. A is prevented from transferring the already spent coin to other users because a public list of all previous transactions is collectively maintained by the network. Before each transaction the coin’s validity will be checked.
A. Bitcoin uses [https://en.wikipedia.org/wiki/Public-key_cryptography public-key cryptography], peer-to-peer networking, and [[Proof_of_work| proof-of-work]] to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.
 
'''Q. How do I edit this wiki?'''
 
A. Create a wiki account and [[Bitcoin_Wiki:Editing_privileges|get it activated]].


<div style="text-align: right;" class="noprint">'''[[FAQ|See More]]'''</div>
<div style="text-align: right;" class="noprint">'''[[FAQ|See More]]'''</div>
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Latest revision as of 00:57, 24 January 2020

Q. What is Bitcoin?

A. Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.

Q. How does Bitcoin work?

A. Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.

Q. How do I edit this wiki?

A. Create a wiki account and get it activated.

See More
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