Decentralized P2P Network : No central server. Every participant's computer is part of the network, communicating directly—similar to sending funds in a giant group chat without a middleman.
Public Ledger (Blockchain) : A digital record book that everyone can view but no one can secretly alter. It stores every transaction in chronological order from day one.
Decentralized Issuance (Distributed Mining) : Money isn't printed by a central bank; instead, it's created through a competitive mathematical process (mining) with a transparent, fixed supply (21 million).
Decentralized Validation (Transaction Scripts) : Each transaction contains specific "unlocking rules." Only the person who provides the correct digital signature can spend the funds according to the script's instructions.
Bitcoin's Four Key Innovations
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Written by UKey Wallet