Based on my research, I still don't grasp the following question. I would appreciate assistance in order to better comprehend it because I'm already feeling confused.
1. How does the Bitcoin network guard against hackers seizing control of the system?
The network incentives people to behave honestly, logically, and economically rationally: all other types of behavior will only lead to losses, and waste of time and capital. A hacker, for example, would use the Bitcoin network to move stolen funds across the border instead of trying to attack the network, only suffering financial losses and potential freedom losses.
2. How do miners fit into the Bitcoin network?
3. How is fraud prevented on the Bitcoin network by transaction verification?
Miners are an example of rational economic actors that make money by investing capital into producing new Bitcoin blocks. This activity ensures the network remains decentralized, secure, and worthy of putting capital into.
4. What distinguishes a private key from a bitcoin address?
The key difference lies in the name itself: private keys should be kept secret, and public keys and addresses may be revealed for facilitating transactions. Use your private keys to authorize the movement of funds, use addresses to pay the payee, or get paid by the payer.