Bitcoin is also the first autonomous and decentralized digital currency in the world. It was created in 2009. It is also the first cryptocurrency that successfully implemented blockchain technology. That is how Bitcoin revolutionized value transfer systems. It enabled buying, selling, sending, or storing value without a middleman such as a bank or any other payment processors.
The ability to operate without intermediaries is what makes Bitcoin transparent, and what distinguishes it from the “fiat” currencies as we know and use them today.
The entire Bitcoin blockchain is a collection of devices also known as “nods”. Bitcoin nodes are basically computers that run Bitcoin software. All nodes form a network consensus, and they participate in transaction processing and verifying.
The node usually broadcasts a transaction to other nodes on the network. The transactions then end in the “pool” that contains all unconfirmed transactions. These transactions are waiting to be transferred to the block in order to become part of an uninterrupted chain of transactions - the blockchain.
Basically, the entire Bitcoin network can be described as a collection of blocks, and each block has the records of all transactions. Any person can see these transactions in real-time, which makes Bitcoin transparent.