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How Does Bitcoin Work?
Bitcoin is built on a distributed digital record called a blockchain. As the name implies, blockchain is a linked body of data, made up of units called blocks that contain information about each and every transaction, including date and time, total value, buyer and seller, and a unique identifying code for each exchange. Entries are strung together in chronological order, creating a digital chain of blocks. โOnce a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency transactions,โ says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs. Blockchain is decentralized, which means itโs not controlled by any one organization. โItโs like a Google Doc that anyone can work on,โ says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. โNobody owns it, but anyone who has a link can contribute to it. And as different people update it, your copy also gets updated.โ
If riding a bucking bronco is your idea of fun, youโre going to love what the stock market has in store. Consider this past weekโs ride a preview.The weekโs action didnโt look like much, if you didnโt know better. The Dow Jones Industrial Average rose 213.12 points or 0.6%, while the S&P 500 advanced 0.5%, and the Nasdaq Composite ended little changed.
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