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Bitcoin is a permissionless, peer-to-peer electronic cash and settlement protocol implemented as a distributed append-only ledger (the blockchain). Nodes run consensus rules (Bitcoin Core or compatible clients) that validate blocks and transactions. Consensus is achieved via Nakamoto consensus: miners expend energy to solve SHA-256 proof-of-work puzzles to produce blocks that include a Merkle root of transactions; the network follows the longest (most cumulative work) valid chain, with difficulty retargeting every 2016 blocks.

Transactions use a UTXO model and are authorized by cryptographic signatures (historically ECDSA, with Taproot enabling Schnorr signatures and improved script capabilities). The scripting language is stack-based and intentionally non-Turing-complete. Monetary policy is deterministic: block subsidy halvings every 210,000 blocks, asymptotically capping issuance at 21 million BTC. Important protocol details include block weight limits (SegWit weighting), mempool management, coinbase maturity (100 blocks), propagation, and reorganization behavior.