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'''Q. What is Bitcoin?'''
'''Q. What is Bitcoin?'''


A. Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network.
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?'''
'''Q. How does Bitcoin work?'''


A. Bitcoin utilizes public/private key digital signatures (ECDSA). 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. The coin is signed using his private key. B now owns the coin and can transfer it further. To prevent A from transferring the already used coin to user C, a public list of all previous transactions is collectively maintained by the network of Bitcoin nodes. Before each transaction the coin’s unusedness 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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