Byrdman on Nostr: THE NUTSHELL VERSION Open-Source Digital Monetary Network: Bitcoin uses peer-to-peer ...
THE NUTSHELL VERSION
Open-Source Digital Monetary Network: Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
In essence, the nutshell version of #Bitcoin is that it operates as an open-source digital monetary network. This means that it doesn't rely on a central authority or banks for its functioning. Instead, it utilizes peer-to-peer technology, where transactions and the creation of new bitcoins are managed collectively by the network of users. The design of Bitcoin is open-source, meaning the code is publicly available for anyone to inspect, use, and contribute to. Importantly, no single entity owns or controls Bitcoin, and it operates on a decentralized principle, allowing anyone to participate in the network.
#Bitcoin #nostr #wisdom
Published at
2024-12-07 19:18:48Event JSON
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