How does it work?

The Bitcoin network is a peer-to-peer network that runs on a decentralized distributed self-clearing ledger called the blockchain. Units of currency that run on the Bitcoin network are called bitcoins, which are used to store and transmit value among network participants. Unlike most currencies issued by central banks, which can be devalued and manipulated, bitcoins are issued according to a fixed set of rules to create sound money that can’t be manipulated by a central authority or malicious actor. Users can buy or sell goods and services, send money to people or organizations, or even extend credit in a fast, secure and borderless manner. The only prerequisite for access to these coins is an internet connection and a private key that forms a pair with public-facing keys to provide access to the coins stored on the Bitcoin network. Unauthorized access to someone’s private key is analogous to stealing gold from their vault.