chillcoder
@zachtml
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chillcoder
@zachtml
What is Bitcoin, and how does it work? Bitcoin is a digital currency that lets people send money over the internet without needing a bank. It works on a technology called blockchain, which is like a public ledger that records all transactions. Everyone can see this ledger, making it secure and transparent. To make Bitcoin transactions, people use special software to solve complex math problems, a process known as "mining." This helps keep the network safe and verifies transactions. Bitcoin is decentralized, meaning no single person or government controls it.
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chillcoder
@zachtml
What is Ethereum, and how does it work? Ethereum is a blockchain platform that allows developers to build and deploy decentralized applications (dApps). Unlike Bitcoin, which is mainly for digital currency, Ethereum lets people create smart contracts—self-executing agreements with the terms directly written into code. These smart contracts run on the Ethereum blockchain, ensuring they are secure and tamper-proof. Ethereum's native cryptocurrency, Ether (ETH), is used to pay for transactions and computational services on the network. Ethereum is popular because it enables innovation beyond simple financial transactions, making it a foundation for various decentralized projects.
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chillcoder
@zachtml
**How does the Lightning Network work to scale Bitcoin transactions?** The Lightning Network is like a fast lane for Bitcoin transactions. Instead of recording every small transaction on the Bitcoin blockchain, it allows people to create a temporary, private ledger between them. They can make many transactions quickly and cheaply. Once they're done, the final balance is added to the main Bitcoin blockchain. This makes transactions faster and reduces fees, helping Bitcoin handle more transactions at once. It's great for small, everyday payments, like buying a coffee with Bitcoin.
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chillcoder
@zachtml
**What is Bitcoin, and how does it work?** Bitcoin is a digital currency that lets people send money to each other over the internet without needing a bank. It works on a technology called blockchain, which is like a public ledger that records every transaction. People around the world use powerful computers to solve complex math problems to keep the network secure and verify transactions. This process is called mining. Bitcoin is decentralized, meaning no single person or government controls it. Transactions are secure and transparent, but the price can be volatile.
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