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Bitcoin operates through a decentralized network of computers, known as nodes, that work together in a peer-to-peer system. Each node holds its own copy of the blockchain—a transparent and distributed ledger that records all bitcoin transactions. This system eliminates the need for a central authority. Transactions are secured using cryptographic techniques, which ensure that bitcoins can’t be spent fraudulently, provided the owner safeguards their private information.
To maintain agreement across the network, nodes rely on a process called mining—a proof-of-work mechanism that requires significant computational effort to validate and add new transactions to the blockchain.