The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.

Bitcoin can often refer to two things. First, the Bitcoin network that keeps track of our transactions and balances, and second, the currency that we use as the unit of value when we transact. We'll cover both here.

While our wallet is entirely free to use, there is a small fee included in your transaction that goes to Bitcoin Cash network miners, who help power the flow of BCH transactions. Our wallet will recommend a transaction fee, based on the current network conditions and your transaction.

The blockchain is the vertebrae of the Bitcoin protocol and the glue that holds the network together. It is simply a vast, distributed public ledger of account. It keeps track of every transaction ever made in the network, and all transactions are time stamped and verified by network miners.

Double-Spending is the act of using the same Bitcoins twice. There is only a 21 million set limit on the protocol and no more can be produced. So the network protects against double spend by the verification of each recorded transaction.

Bitcoin mining is analogous to the mining of gold, but in a digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin.