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BITCOIN GUIDE

BITCOIN QUICK FACTS
  1. Bitcoin is the name of the network.

  2. Bitcoin is also the name of the coin that is traded on the network – although this may be represented in the form BTC.

  3. Transactions on the network are written into blocks that are then added to the chain – this is where the blockchain first appeared.

  4. Blocks are added to the chain by nodes, which are computing devices owned by users. These devices are connected to the network.

  5. The nodes write blocks to the chain in a process known as mining. When one block is complete, it is added to the chain, and a copy of the chain is stored in all active user nodes.

  6. This copy is used to create consensus within the network about what the chain should look like. This, in turn, means the chain cannot be corrupted or co-opted.

  7. Bitcoin uses the proof-of-work system. When a node mines a block, it completes a complex mathematical equation that "proves" to the network that the work has been done. Then, a percentage reward is delivered to the user in the form of BTC.

  8. The proof-of-work system makes the network completely self-sustaining.

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