How Bitcoin works?


itcoin offers the ability to make fast, secure and cheap user-to-user payments without the need for bank intervention or another centralized system. Bitcoin system transactions occur directly between users' digital Bitcoin wallets and are verified in Blockchain technology.

Independent individuals and companies that own the control computing power and participate in the Bitcoin network consist of nodes and miners.

Miners are the people who process Bitcoin transactions in Blockchain and are motivated by rewards paid in the form of Bitcoins.

Nodes are a collection of computers that manage Bitcoin code and store its Blockchain technology.

The fundamental value of Bitcoin is largely related to the extraction process and the cost of electricity and hardware, while the rest of its value is determined by its limited quantity and growing demand.

It is almost impossible for a network to be hacked, as each block in the chain contains information about the entire network and its updates. This means that for a hacker attack to be successful, all blocks must be changed. It becomes even more complicated because the blocks are scattered around the world and are not located in a central station.

Strict encryption rules do not allow any changes, as each block contains a record of recent transactions and a unique mathematical function that indicates the previous block in the chain.

Any malicious or malicious attempt to change the data in the block would result in the cancellation of all subsequent blocks. You will never be able to add such a block to the blockchain, because consensus would not be reached.

Individuals cannot influence the blockchain, nor can they replace parts of the chain in an attempt to manipulate transactions. This ensures that the recorded transactions remain in the blockchain forever and cannot be changed as a result.

Previous Article

Who invented the blockchain?

Next Article

How to get Bitcoins?

NOTE: It should NOT be assumed that the materials presented in Nuubie (the methods, the articles, the techniques, or indicators) will be profitable, or that they will not result in losses. Any reliance you place on such material is therefore strictly at your own risk.