Bitcoin

Bitcoin is like a digital currency, but what makes it special is the technology behind it, called blockchain. Think of the blockchain as a big, transparent ledger or record book that keeps track of all Bitcoin transactions. Instead of one central authority (like a bank) controlling it, the ledger is spread across lots of computers worldwide, called nodes. Each node has a copy of the ledger, and they all work together to make sure it stays accurate. When someone makes a Bitcoin transaction, it's broadcasted to all the nodes on the network. These transactions are grouped together into blocks. Miners, who are like digital bookkeepers, compete to solve complex math problems to validate these blocks of transactions. The first one to solve the problem gets to add the block to the blockchain and is rewarded with new Bitcoins. Once a block is added, it's linked to the previous blocks, creating a chain of blocks, hence the name "blockchain." This chain of blocks is permanent and cannot be altered easily, making it secure and reliable. So, in simpler terms, Bitcoin is a digital currency that uses a special technology called blockchain to keep track of transactions without needing a central authority.