bitcoin 101
What is Bitcoin?
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries such as banks.
How does Bitcoin work?
Bitcoin was created by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto in 2009.
Who created Bitcoin?
Bitcoin was created by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto in 2009.
How is Bitcoin different from other cryptocurrencies?
Bitcoin works by using a decentralized ledger called a blockchain to record and verify transactions. Miners compete to validate transactions and add new blocks to the blockchain, in exchange for transaction fees and newly minted bitcoins.
What is a Bitcoin wallet?
A Bitcoin wallet is a digital wallet that allows you to store, send, and receive Bitcoin.
What is a blockchain?
A blockchain is an immutable, decentralized, distributed ledger that records and verifies transactions. Each block contains a cryptographic hash of the previous block, forming a chain of blocks that is difficult to alter.
What is mining in Bitcoin?
Mining in Bitcoin refers to the process of adding new transactions to the blockchain and verifying them by solving complex mathematical problems using specialized hardware.
How do you mine Bitcoin?
To mine Bitcoin, you need to have specialized hardware called ASICs, download and run mining software, and join a mining pool or mine solo.
How is a blockchain related to Bitcoin?
The Bitcoin blockchain is the decentralized ledger used to record and verify Bitcoin transactions.
How do you set up a Bitcoin wallet?
You can set up a Bitcoin wallet by downloading a wallet app on your computer or mobile device, or by using an online wallet service.
