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Title: Can someone explain the concept of the Blockchain? Post by: Dafar on December 12, 2013, 10:21:49 PM 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?
Title: Re: Can someone explain the concept of the Blockchain? Post by: hieroglyph on December 13, 2013, 12:14:34 AM 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.
Title: Re: Can someone explain the concept of the Blockchain? Post by: ScripterRon on December 13, 2013, 01:10:27 AM 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 Title: Re: Can someone explain the concept of the Blockchain? Post by: Dafar on December 13, 2013, 02:56:30 AM Thanks guys, very helpful 8)
Title: Re: Can someone explain the concept of the Blockchain? Post by: Zbiter on December 13, 2013, 05:05:24 AM 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 :) |