How do bitcoins function as a decentralized form of currency?

1 answers

• May 11, 2022 · 3 years ago
  As a decentralized form of currency, bitcoins operate on a network of computers spread across the globe. This network, known as the Bitcoin network, ensures that no single entity can control the currency. Transactions are verified by network participants called nodes, which maintain a copy of the blockchain. When a transaction is made, it is broadcasted to the network, and nodes validate the transaction by checking that the sender has enough bitcoins and that the transaction is not a double spend. Once verified, the transaction is added to a block and added to the blockchain. This decentralized system allows for secure and transparent transactions without the need for intermediaries.
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