Overview of Bitcoin
Bitcoin is an electronic system of currency that does not require trust to a third party like a financial institution.
Originally, a currency that utilized digital signatures was devised, but since the problem of multiple payments could not be solved, it was decided to switch to a PtoP-based network that applied PoW.
At this time, by making the entire transaction history public, it is possible to create a state where it is virtually impossible for unauthorized nodes to tamper with the data if the majority of the network is occupied by good nodes.
Since there are multiple full bona fide nodes in the network, each node is no longer required to keep all the transaction history.
In order to make the third party-free mechanism work properly, each node performs a PoW and also distributes bitcoins as an incentive for doing so.
All of these mechanisms are programmatically regulated, so any arbitrariness cannot intervene.
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