Bitcoin BTC
Bitcoin Price Change 24H Change 7D Change 1M Change YTD Market Cap Volume 24H Circ. / Max Supply
$54,215.00 1.04% -7.97% -8.98% 27.33% $1.07 T (#1) $95.43 B 19.75 M / 21.00 M 3.6/5 (#132)
Show Quick Stats

What is Bitcoin

Learn what is Bitcoin and how does Bitcoin work

Bitcoin clarity of purpose

Bitcoin purpose and aspects

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

Bitcoin additional differentiation against competition

Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Bitcoin categories

proof-of-worklayer-1

Short description

Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Abstract

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone .

Link to Roadmap: n/a

Trading and investing in digital assets is highly speculative and comes with many risks. The analysis / stats on CoinCheckup.com are for informational purposes and should not be considered investment advice. Statements and financial information on CoinCheckup.com should not be construed as an endorsement or recommendation to buy, sell or hold. Please do your own research on all of your investments carefully. Scores are based on common sense Formulas that we personally use to analyse crypto coins & tokens. We'll open source these formulas soon. Past performance is not necessarily indicative of future results. Read the full disclaimer here.

Dark Theme   Light Theme