🔐
bloXsafe
  • 🕸️Welcome to bloXbook
  • 📚Knowledge Base
    • 🌏Understanding Blockchain
      • What is a Blockchain?
      • What is a blockchain address?
    • 🗝️Understanding Private & Public Keys
      • What is a private key
      • What is a public key?
      • How are Private and Public keys generated?
      • Seed Phrases
        • What is a Seed Phrase?
        • Why to use Seed Phrases
        • How a Seed Phrase works?
        • Types of Seed Phrases
        • The BIP39 Standard
        • Types of Backup
      • Can someone guess my keys?
      • What if I lose my Private Keys or Seed Phrase?
      • What if I lose my public key?
    • 🌱Understanding Send & Receive processes
      • Basic Concept
      • Detailed but Simplified
    • 💰Understanding Wallets
      • What is a Crypto Wallet?
      • Cold vs Hot Wallets
      • Categories of Wallets
      • Why not to use a Hot Wallet?
      • What is a Hardware Wallet?
        • Why Trezor?
        • BitBox02
      • Multi-Sig(nature) Wallets
    • 🧾Understanding Decentralisation & Blockchains.
      • What is Decentralisation in the Blockchain era?
      • Decentralized Network
      • Censorship Resistance and Security
      • Consensus Mechanisms
      • Immutable Ledger
      • Decentralized Applications (dApps)
      • Pros and Cons of a decentralised Blockchain network
      • Pros and Cons of a centralised Blockchain network
      • Hybrid Blockchain Networks
        • Pros and Cons of a hybrid Blockchain network
    • 🧭Understanding Decentralized Autonomous Organizations (DAOs)
    • ⚙️Understanding Decentralised Applications (DApps)?
    • 📔Understanding Smart Contracts
      • Risk associated to Smart Contracts
    • 🔍What is a Blockchain explorer?
  • 💱Understanding Centralised Exchanges (CEX)
    • Why it's not the best place to be?
    • Mitigating the risk of CEXs
    • Why Proof of Reserves says nothing
    • Key ellement of CEXs
  • 💱Understanding Decentralised Exchanges (DEX)
    • What is a DEX
    • Types of DEXs
    • Risk involved using DEXs
  • Understanding coins & tokens
    • Understanding ERC, BRC, TRC, etc
  • 💲Understanding Stablecoins
    • What is a Stablecoin?
    • Main types of Stablecoins
    • What is the risk involved in stablecoins?
    • Mitigating the risk of stablecoins
  • Understanding DeFi
    • Understanding liquidity pools
    • Understanding lending & borrowing protocols
    • Understanding yield farming
    • Understanding oracles
    • Understanding slippage
    • Understanding how DEXs work
      • Understanding AMMs
      • Understanding order book
      • Understanding aggregators
    • Risk involved using DeFi DAPPs
  • 🏄‍♀️Staying Safe
    • Safety
    • Security
    • Privacy
  • Recommendations
    • Recommended Practises
      • First thing to do after you setup your wallet
      • Using VPN Kill Switch
      • Software Updates
    • Recommended Software
      • Wallet Clients
        • Frame Wallet
        • Trezor Suite
        • Metamask
      • Password Managers & 2FA clients
        • Bitwarden
        • KeePass2.x
      • OS
        • Arch Linux
        • Windows without the Bloatware
    • Recommended Services
      • DNS Services
        • Quad9 DNS
        • Mullvad DNS
      • VPN Services
        • Proton VPN
        • Mullvad VPN
      • Mail Sevices
        • Protonmail
        • Tutanota
    • Recommended Hardware
      • Trezor hardware wallet
      • VPN compatible routers
  • How to
    • Transfer funds
    • Trade on DEX
    • Check my balance
  • 👩‍🚀Common Misconceptions
    • Where my coins are stored?
    • Are all Blockchains decentralised?
    • Crypto is a scam
  • ⁉️Answering the most common questions
    • What is FIAT money?
    • What is a commodity?
    • What is blockchain and why is it important?
    • What is Bitcoin and how does it work?
    • How do I buy Bitcoin?
    • Is Bitcoin the only cryptocurrency?
    • What is a wallet and how do I get one?
    • How do I keep my cryptocurrency safe?
    • Can I make money with cryptocurrency?
    • How do I sell cryptocurrency and convert it back to cash?
    • Are there any risks associated with cryptocurrencies?
    • What are altcoins and how do they differ from Bitcoin?
    • How can I learn more about cryptocurrency and blockchain technology?
    • My wallet shows 0 balance! Are my funds lost?
    • What is the KISS concept?
      • Professional Context
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  1. Answering the most common questions

What is Bitcoin and how does it work?

PreviousWhat is blockchain and why is it important?NextHow do I buy Bitcoin?

Last updated 1 year ago

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Bitcoin is a digital currency that operates on a called . It allows for secure peer-to-peer without the need for intermediaries like banks.

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decentralized network
blockchain
transactions