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π΅π‘’π‘Žπ‘‘π‘’π‘‘π‘–π‘“π‘’π‘™ π‘‘β„Žπ‘–π‘›π‘”π‘  Telegram | DID YOU KNOW?

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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. β€œOnce 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,” says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs. Blockchain is decentralized, which means it’s not controlled by any one organization. β€œIt’s like a Google Doc that anyone can work on,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. β€œNobody owns it, but anyone who has a link can contribute to it. And as different people update it, your copy also gets updated.”

π΅π‘’π‘Žπ‘‘π‘’π‘‘π‘–π‘“π‘’π‘™ π‘‘β„Žπ‘–π‘›π‘”π‘  from SG

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Created: 2019-11-30

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