Certified Bitcoin Professional Practice Exam

The concept of decentralized consensus in Bitcoin is fundamentally tied to the creation of its blockchain technology, which was introduced by Satoshi Nakamoto in the Bitcoin whitepaper published in 2008. Nakamoto designed a system that allows participants in a network to agree on the state of a shared ledger without the need for a central authority. This is achieved through a consensus mechanism known as Proof of Work, which requires participants (miners) to solve complex mathematical problems to validate transactions and add them to the blockchain.

Satoshi’s innovation not only laid the groundwork for Bitcoin but also inspired numerous other cryptocurrencies and decentralized systems that followed. The brilliance of this approach is that it allows for trustless transactions, where users do not need to rely on any single entity for verification, thus creating a truly decentralized network. This revolutionary idea has established the framework for how blockchain technology operates today.