Which blockchain network does Bitcoin rely on?

3 answers

• May 11, 2022 · 3 years ago
  Bitcoin relies on the blockchain network known as the Bitcoin network. This network is a decentralized peer-to-peer network that consists of nodes all around the world. When a Bitcoin transaction is made, it is broadcasted to the network and verified by the nodes through a process called mining. Miners solve complex mathematical problems to validate the transactions and add them to a block. These blocks are then linked together to form the blockchain, which serves as a public ledger of all Bitcoin transactions. The Bitcoin network operates on a proof-of-work consensus algorithm, where miners compete to solve these mathematical problems and earn rewards in the form of newly minted Bitcoins. This ensures the security and integrity of the network.
  754

  377
• May 11, 2022 · 3 years ago
  Bitcoin relies on the blockchain network called the Bitcoin network. It's a decentralized network that uses a consensus algorithm called proof-of-work. When a transaction is made, it is added to a block, and miners compete to solve complex mathematical problems to validate the block. Once the block is validated, it is added to the blockchain, which is a public ledger of all Bitcoin transactions. This decentralized nature of the Bitcoin network ensures transparency and security, as no single entity has control over the network.
  532

  178
• May 11, 2022 · 3 years ago
  Bitcoin relies on the blockchain network known as the Bitcoin network. The Bitcoin network is powered by a decentralized network of computers called nodes. These nodes work together to validate and record Bitcoin transactions. When a transaction is made, it is broadcasted to the network, and the nodes verify its validity. Once verified, the transaction is added to a block, which is then added to the blockchain. The blockchain serves as a transparent and immutable record of all Bitcoin transactions. The Bitcoin network operates on a proof-of-work consensus algorithm, which ensures that the network remains secure and resistant to tampering.
  646

  162