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- Here's how Bitcoin works in simple terms12345:
- Bitcoin is a digital currency stored in a 'digital wallet' app on a smartphone or computer.
- Transactions are recorded in a public list called the blockchain.
- Unlike traditional currencies, Bitcoin operates on a decentralized network without central banks.
- New Bitcoins are created through the mining process.
- Bitcoin gives you complete control over your money without intermediaries like banks.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.www.bbc.co.uk/newsround/25622442Unlike traditional currencies controlled by central banks, Bitcoin operates on a decentralized network that spans numerous computers worldwide. This network leverages blockchain technology—a type of public ledger that records all transactions openly and immutably—to maintain security and transparency without the need for intermediaries like banks.bitcoinnews.com/learn/bitcoin-for-dummies-key-co…Bitcoin is a form of digital currency that uses blockchain technology to support transactions between users on a decentralized network. New Bitcoins are created as part of the mining process, as a reward to people whose computer systems help validate transactions.www.nerdwallet.com/article/investing/what-is-bitcoinIn short – Bitcoin is the first cryptocurrency ever created. It is a digital currency that operates electronically and is not controlled by a central bank or government. Because it's decentralized, Bitcoin runs on a peer-to-peer network where transactions are conducted directly between users.cryptomaniaks.com/what-is-bitcoinBitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see. Bitcoin gives you complete control over your money, unlike other assets you own, which are regulated by banks and governments.99bitcoins.com/bitcoin/ - People also ask
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