How Bitcoin Really Works

Image Credit: Gemini.com

My intention in this post is to explain the main ideas behind Bitcoin Protocol in a clear and understandable way. This article will give an overview of the technical structure of Bitcoin networks, including blockchain nodes, miners and proof-of-work mining.

I will start from the first principles, build on a broad theoretical understanding of how the protocol works, and then focus on the essentials by examining the raw data behind Bitcoin transactions.