Can someone explain the concept of the Blockchain?

Zbiter

newbie

Activity: 6

Merit: 0

Quote from: ScripterRon on December 12, 2013, 08:10:27 PM

The block chain is a transaction ledger of all transactions since the beginning (the genesis block). It is independently verified by each bitcoin node and protected by cryptographic hashes. Miners are responsible for packaging transactions into blocks which are then added to the chain. As a side benefit, the miners get 25 BTC plus the transaction mining fees for each block they find.

This means that all transactions are public and can be viewed by anyone (go to blockchain.info to see what can be viewed).

For a detailed explanation: http://en.bitcoin.it/wiki/Block_chain

Thanks for the link

Dafar

legendary

Activity: 1330

Merit: 1000

dafar consulting

Thanks guys, very helpful Cool

ScripterRon

full member

Activity: 136

Merit: 120

The block chain is a transaction ledger of all transactions since the beginning (the genesis block). It is independently verified by each bitcoin node and protected by cryptographic hashes. Miners are responsible for packaging transactions into blocks which are then added to the chain. As a side benefit, the miners get 25 BTC plus the transaction mining fees for each block they find.

This means that all transactions are public and can be viewed by anyone (go to blockchain.info to see what can be viewed).

For a detailed explanation: http://en.bitcoin.it/wiki/Block_chain

hieroglyph

member

Activity: 70

Merit: 10

So sorry for you confusion of the blockchain trust me I can relate and I won't confuse you futher. I'll wait for a more knowledgeable person to post but thanks for starting a thread so we learn the answer. All the best.

Dafar

legendary

Activity: 1330

Merit: 1000

dafar consulting

All I know is it holds history of every transaction bitcoin has ever made, but nothing else... what's the idea behind it, where does it stay, and how does it work?

Topic: Can someone explain the concept of the Blockchain? (Read 416 times)