What is Bitcoin? How does it work?

ssaurabh@newsletter.paragraph.com (ssaurabh.eth) — Wed, 24 Aug 2022 08:02:00 GMT

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.