Energy in Cyberspace
Buy Beef with Bitcoin!
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Bitcoin is an open-source peer-to peer monetary network that circumvents third party centralization. It provides a more frictionless medium of exchange for individuals to exchange a unit of value instantly and globally. The structure of the network benefits people with their own Bitcoin address and private key, acting as a shield from the kleptocratic nature of monetary debasement.
Bitcoin serves as a store of value being that the network code allows for maximum of 21,000,000 Bitcoins to be mined.
1 Bitcoin = 100,000,000 “Satoshis”, which makes it divisible.
Transactions and Blocks
Bitcoin’s architecture relies on two fundamental elementary parts: transactions and blocks. Transactions are the lifeblood of the system. They represent the movement of energy and value amongst Bitcoiners. These transactions are grouped into blocks, forming the blockchain – an immutable ledger that records every transaction in the system.
Miners: The Architects of Security
Miners utilize computational power to solve mathematical puzzles known as the process of mining. They validate the transactions, and provide security for the network.
Nodes: The Watchful Guardians
Nodes maintain copies of the entire blockchain ledger and verify the authenticity of transactions to reach consensus on the state of the network, ensuring its transparency and resilience.
Read more about Bitcoin in Satoshi Nakamoto’s White Paper or reach out to me on Telegram for more resources.