Unlike the traditional banking system, transactions on the blockchain are cryptographically verified and secured by a large network of computers. This makes the system extremely secure because the transactions registered on the blockchain cannot be faked, copied, or manipulated. All transactions are recorded on the blockchain, which serves as a public ledger. Consequently, every transaction is transparent to everyone. Bitcoin uses the Proof of Work (PoW) consensus mechanism, where miners solve cryptographic puzzles to validate transactions and secure the network.
Bitcoin was primarily created as an alternative payment system to send money over the internet directly between users, unlike traditional payment systems where transactions need to go through a bank, institution, or company. Without a third-party control mechanism, transaction and handling costs can be reduced, and everyone can have direct and equal access to the payment system. By democratizing the financial infrastructure, Bitcoin revolutionizes the perception of money, thereby helping to create a more equal and inclusive financial system.
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The original publication about Bitcoin by Satoshi Nakamoto: https://bitcoin.org/bitcoin.pdf
The Bitcoin Wikipedia: https://en.bitcoin.it/wiki/How_bitcoin_works