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Bitcoin is a decentralized ledger where every transaction is recorded in a block and linked to the previous one, forming a chain you can’t alter without controlling the network.
Think of miners as the accountants who verify transactions; they solve a math puzzle, add the block, and earn newly minted BTC plus fees. cryptocurrency how does it work
The protocol uses SHA‑256 hashing, so each block’s hash must meet a difficulty target – that’s what makes mining computationally intensive.
When you send Bitcoin, you broadcast a signed message from your private key; nodes check the signature and update the UTXO set accordingly.
Supply is capped at 21 million coins, with the reward halving roughly every four years, which gradually reduces new issuance.
A wallet isn’t actually storing coins; it stores the private keys that let you unlock and spend the UTXOs assigned to your address. litecoin how does it work