Peer-to-Peer (P2P)

A peer-to-peer (P2P) network allows participants to connect and interact directly, without needing any central authority or intermediary. In the context of Bitcoin, this means that nodes communicate with each other to share transactions and blocks, and users exchange bitcoin ownership directly from one person to another. Although miners help process and confirm transactions, they never control the coins themselves or have the ability to manipulate the transfer of funds.

P2P systems like Bitcoin stand out for their resistance to censorship and centralized control. Thousands of independent nodes help verify the blockchain, keeping the network decentralized and open. This structure contrasts sharply with traditional payment methods such as Venmo, PayPal, wire transfers, or ACH, which rely on banks and companies that can freeze, reverse, or block transactions. Unlike those services, Bitcoin operates without requiring users to trust any third party, putting control entirely in the hands of its users.