“The goal of this video is to explain how Bitcoin works under the hood, to give a clearer idea of what it really means to own, send or ‘mine’ Bitcoins.  First, a brief high-level overview of what Bitcoin is.  At its core, Bitcoin is just a digital file that lists accounts and money like a ledger. A copy of this file is maintained on every computer in the Bitcoin network. The Bitcoin system is amazingly designed so that no trust is needed–special mathematical functions protect every aspect of the system. The rest of this entry will explain in detail how Bitcoin allows such a group of strangers to manage each other’s financial transactions.”

http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-hood.html

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