The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol.
Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software.
Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining.
Satoshi Nakamoto, the designer of bitcoin, claimed that design and coding of bitcoin began in 2007.
The project was released in 2009 as open source software.
The network requires minimal structure to share transactions.
An ad hoc decentralized network of volunteers is sufficient.
Messages are broadcast on a best-effort basis, and nodes can leave and rejoin the network at will.
Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain.
Last Updated on 3 years by pinc