The Bitcoin protocol represents the foundational set of rules governing the Bitcoin network, enabling peer-to-peer digital currency transactions without central authority. It defines how transactions are verified, blocks are added to the blockchain, and new bitcoins are created through mining. This protocol ensures the integrity, security, and decentralization of the entire system. Its open-source nature permits ongoing review and development by a global community.
Context
Discussions surrounding the Bitcoin protocol frequently appear in crypto news, particularly concerning network upgrades, transaction fees, and scalability solutions. Debates often focus on proposed changes to its underlying code, such as those related to SegWit or Taproot, which aim to improve efficiency or add new functionalities. Understanding the protocol’s mechanics is vital for comprehending Bitcoin’s market behavior and long-term viability.
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