Bitcoin is the first decentralized digital currency that enables instant payments to anyone, anywhere in the world. As Bitcoin uses peer-to-peer technology to operate, transactions take place between users directly without any need of central authority.
Transaction management and money issuance are carried out collectively by the network on the blockchain. Thousands of blockchain nodes verify the transactions between two users, and for doing so, the nodes receive a reward in the form of newly created bitcoin as a transaction fee.
Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.