Bitcoin is a digital currency that allows people to make transactions without the need for a central authority or intermediary, such as a bank. It is based on a technology called blockchain, which is a decentralized digital ledger that records all transactions on the Bitcoin network.
Blockchain is essentially a digital ledger that is shared among a network of computers. Each block in the chain contains a number of transactions, and once a block is added to the chain, the information it contains cannot be altered. This makes blockchain secure and resistant to fraud or hacking.
Think of blockchain like a digital version of a checkbook register, where every transaction is recorded in chronological order, but instead of being stored in a physical register, it is stored on a network of computers across the world. This means that no one person or organization is in control of the ledger, making it decentralized.
Bitcoin is built on top of the blockchain technology and it is the first and most well-known cryptocurrency. Bitcoin allows people to make transactions with one another directly, without the need for a bank or other intermediary. Because the transactions are recorded on the blockchain, they are secure and transparent, and there is no risk of fraud or hacking.
In summary, Bitcoin is a digital currency that allows people to make transactions without the need for a central authority or intermediary. It’s built on top of blockchain technology, which is a decentralized digital ledger that records all transactions on the Bitcoin network, making it secure and resistant to fraud or hacking.