The new year often starts with a clean slate, let's update the knowledge about the first cryptocurrency.
How does bitcoin work?
The idea embodied in BTC by its creator Satoshi Nakamoto was to build a payment system without intermediaries, where settlements take place directly between users (sender and recipient).
Each BTC transaction on the main network goes through 7 stages:
Select recipient, transfer amount and commission.
The sender signs the transaction with a private key and sends it.
Nodes check the legitimacy of the operation and send it to the miners.
Miners add a transaction to a block.
Miners calculate the hash of the new block.
The new block is verified and added to the blockchain.
Nodes add a new block to their copy of the blockchain.
Knowledge of the algorithm gives an understanding that:
Nodes can not skip a transaction only if you do not have the required amount in BTC.
Miners can delay the processing of a transaction, but are unable to cancel it.
