This removes the element of trust and also creates a censorship-resistant network that allows anyone to make transactions without any obstacles. A decentralized network of computers (nodes) help to verify that transactions are legitimate. Rather than relying upon a central database to record transactions, Bitcoin is one example of distributed ledger technology. What makes Bitcoin unique from a bank is its decentralization. Adoption is happening at a global scale - and national governments taking a pro-Bitcoin stance as we see with Bitcoin adoption in El Salvador. The Bitcoin Protocol Explainedīefore we jump into the technology that has enabled this network to flourish, it's important to understand how Bitcoin is unique from traditional payment systems. Today, the Bitcoin protocol is responsible for securing a network of close to $1 trillion in digital assets. Just over two months later, around January 3, 2009, the first block in the Bitcoin blockchain was mined and the Bitcoin protocol came to life. The Bitcoin protocol was first announced on Octowhen Satoshi Nakamoto, the anonymous founder(s) of Bitcoin, sent the Bitcoin whitepaper to the Cypherpunk email list. In this article, we'll look at the basics of Bitcoin code, security, and transactions. You might be wondering how does Bitcoin work? There are actually a lot of ingenious technologies bundled together to make the network run smoothly.
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