Bitcoin relies on cryptography and incentives instead of banks and trusted intermediaries. The fact that users don’t need to trust one another to transact with each other is one of the defining qualities of Bitcoin.
Trustless
Related terms
- ASIC (Application-Specific Integrated Circuit) An ASIC (application-specific integrated circuit) is a chip built for one task.
- Block Explorer A block explorer is a website that lets anyone search a public blockchain and see its blocks, transactions, addresses and balances.
- Block Reward A block reward is the payment a miner receives for adding a new block: newly created coins plus the transaction fees in that block.
- Cloud Mining Cloud mining is renting crypto-mining hardware, or a share of its hashpower, from a company that runs the machines in its own data center.
- Confirmation A confirmation is the inclusion of a transaction in a block.