How does Bitcoin work?

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, meaning it does not require a central authority or intermediary. Transactions are verified through a process called mining, in which users use powerful computers to solve complex mathematical problems. Once a block of transactions is verified by multiple miners, it is added to the blockchain, a public ledger that records all transactions. Bitcoin is stored in digital wallets and can be exchanged for goods and services, as well as other currencies. Because of its decentralized nature, Bitcoin offers users greater autonomy and security in their financial transactions.

This mind map was published on 17 May 2023 and has been viewed 105 times.