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Updated by iamsaanvig on Jan 25, 2018
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iamsaanvig iamsaanvig
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What is Bitcoin and How does it work?

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.

The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.