What is Bitcoin in plain English? A simple and easy-to-understand explanation of what Bitcoin is.

Bitcoin is a digital currency that, unlike traditional currencies, is not controlled by a central bank or government, but is maintained by a decentralized computer network. Its main features include: Decentralization: Bitcoin transactions do not go through banks or other financial institutions, but directly between users. Anonymity: No personal information is required for Bitcoin transactions, only the Bitcoin addresses of the sender and receiver are displayed. Security: Bitcoin transactions are recorded on the blockchain, which is a highly secure distributed ledger that is difficult to tamper with or forge.

What is Bitcoin?

Bitcoin is a digital currency, a virtual currency supported by blockchain technology.

What is blockchain?

Blockchain is a shared, immutable ledger that contains a record of digital transactions.

How does Bitcoin work?

• Bitcoin transactions are conducted on the blockchain network through nodes (participants).
• Transactions are verified by miners and then added to the blockchain.
• Blockchain is secure because once a transaction is added to a block, it cannot be changed.

Features of Bitcoin:

• Decentralization: Bitcoin is not controlled by any government or financial institution.
• Transparency: All Bitcoin transactions are publicly recorded on the blockchain.
• Anonymity: Bitcoin transactions are not directly linked to personal identity.
• Limited Supply: Only a limited number of Bitcoins (21 million) can be created.
• Divisibility: Bitcoins can be divided into smaller units called satoshis.

Use of Bitcoin:

• Online Transactions: You can use Bitcoin to purchase goods and services.
• Investment: Bitcoin can be bought and sold as an investment.
• Remittance: Bitcoin can be used for cross-border remittances with lower fees and faster speeds.

The above is the detailed content of What is Bitcoin in plain English? A simple and easy-to-understand explanation of what Bitcoin is.. For more information, please follow other related articles on the PHP Chinese website!