Bitcoin Explained



You’ve heard about it many times, but what is Bitcoin really? In its essence, Bitcoin explained is a triadic term that comprises fixed protocols, a digital coin, and also a decentralized blockchain forming an electronic cash system that works as a peer-to-peer exchange.

New coins are generated via Bitcoin mining, which relies on cryptographic hash functions and the Proof of Work (PoW) consensus algorithm. Contrary to popular belief, Bitcoin is not anonymous—it is private and has an open, immutable ledger. It allows privacy as only the address is public, but this means that activity on the address can be examined to discourage illegal activity.

Learn more about why Bitcoin is a viable medium of exchange and how you can get started on Bitcoin mining via CoinGeek’s ultimate resource guide:



You’ve heard about it many times, but what is Bitcoin really? In its essence, Bitcoin explained is a triadic term that comprises fixed protocols, a digital coin, and also a decentralized blockchain forming an electronic cash system that works as a peer-to-peer exchange.

New coins are generated via Bitcoin mining, which relies on cryptographic hash functions and the Proof of Work (PoW) consensus algorithm. Contrary to popular belief, Bitcoin is not anonymous—it is private and has an open, immutable ledger. It allows privacy as only the address is public, but this means that activity on the address can be examined to discourage illegal activity.

Learn more about why Bitcoin is a viable medium of exchange and how you can get started on Bitcoin mining via CoinGeek’s ultimate resource guide:

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