# What is Bitcoin? How does it work?

**Published by:** [ssaurabh.eth](https://paragraph.com/@ssaurabh/)
**Published on:** 2022-08-24
**URL:** https://paragraph.com/@ssaurabh/what-is-bitcoin-how-does-it-work

## Content

Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography. A public ledger records all bitcoin transactions and copies are held on servers around the world. Anyone with a spare computer can set up one of these servers, known as a node. Consensus on who owns which coins is reached cryptographically across these nodes rather than relying on a central source of trust like a bank.

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