What is Bitcoin?
Bitcoin is the new money. It's the first decentralized crypto currency not controlled by a single organization or government. It's an open source project, and it is used by many people all over the world. People are trading hundreds of thousands of dollars worth of bitcoin every day with no middle man and no credit card companies.
What is Bitcoin Backed By?
Bitcoin is backed by math, there is a difficulty adjustment programmed into the software that makes it very solid and hard to hack.
What problem does Bitcoin solve?
The problem is that you could insert conflicting transactions into the block. For example, you can create separate transactions that spend the identical coin, and send each of those transactions in to the block at the identical time. This is called a “double-spend”.
What is a Node?
A node is simply a computer that runs the Bitcoin software and verifies transactions. It is also connected to other computers (all of which are running the same program) to form a network.
What is Mining?
Mining is the manner via which networks of specialized computer systems generate and launch new Bitcoin
What is the Blockchain?
The blockchain is a record that includes a listing of each Bitcoin transaction ever made. Everyone on the bitcoin network holds a replica of this record, and it updates frequently with the present day transactions.