Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: CoinEx on December 13, 2021, 05:50:16 PM
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The Bitcoin system is equivalent to a big ledger, and a block is like a page of the ledger. Every time a page is recorded by those who have obtained the right to bookkeeping through computation, that is, every time a block is packaged, the system will distribute a certain amount of Bitcoin as a reward.
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Literally, each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions. It's also considered to be the next-gen currency, which in theory can replace the existed system of currnecy exchange.
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BITCOIN dont have creditcard banks companies, or a central government to monitor transactions. Cryptocurrencies alternatively rely upon computer systems everywhere in the Internet, called ‘miners’, which watch each transaction and upload it to their collective ledger.
Each ledger is the same, and they trace all the way back to the first transaction made on the currency! This networked ledger is collectively known as ‘the blockchain technology
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This is a clear and accurate explanation of how Bitcoin works.