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Bitcoin network - Definition from the Hotspot Shield Encyclopedia

The Bitcoin Network is a form of payment network that is used to facilitate Bitcoin transactions in a secure method.

A cryptographic protocol is used together with digitally signed messages using Bitcoin wallets. Any transaction that is processed on the Bitcoin network is logged in a Blockchain which is a form of public ledger that anyone can view. Bitcoins are generated on the Network using a mining process which requires users to provide a proof-of-work and validation. Verification is used at many stages of the Bitcoin network to ensure that Bitcoins have not been previously spent when they are transferred, and that the person using them is indeed the valid owner.


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