What's the Blockchain, and Why Does Bitcoin Depend On It?

[LiteCoinGuy]

What's the Blockchain, and Why Does Bitcoin Depend On It?

It’s going to unshackle us from the oppressive dungeon of fiat currency! But also criminals and rogue cops use it to do nefarious drug stuff! Digital currency is often defined by its volatile hype cycle. And yet its most promising feature is incredibly mundane-sounding: a bookkeeping system called “the blockchain.”

So what the heck is it?

http://gizmodo.com/whats-the-blockchain-and-why-does-bitcoin-depend-on-it-1698025216

[lucasjkr]

The block chain is the permanent record of every Bitcoin transaction. Simple. Without That there is no record of who has how many bitcoins.

[coinpr0n]

It's basically a shared database. The blockchain allows for a consensus among distributed and trustless peers.

[irfan_pak10]

He is NOT asking about What is blockchain LOL, He provided here all the Information about "What's the Blockchain, and Why Does Bitcoin Depend On It?" So, We can read It, and Know that How blockchain works and how it effect the Bitcoin value,

[Amph]

a thing to note, is that if bitcoin could work without the blockchain, it would be completely anonymous, definitely 100%

also another little off-topic note(but worth consideration), the first comment is the reason for the slow adoption

"last time i checked, it was also pretty easy to send USD, EUR, JPY , etc electronically."

[LiteCoinGuy]

He is NOT asking about What is blockchain LOL, He provided here all the Information about "What's the Blockchain, and Why Does Bitcoin Depend On It?" So, We can read It, and Know that How blockchain works and how it effect the Bitcoin value,

you won 

and this info is for beginners in the first place.

[dothebeats]

a thing to note, is that if bitcoin could work without the blockchain, it would be completely anonymous, definitely 100%

also another little off-topic note(but worth consideration), the first comment is the reason for the slow adoption

"last time i checked, it was also pretty easy to send USD, EUR, JPY , etc electronically."

The transfer of value between two points in the world can be done fast via electronic means. However, there is a big difference between the bitcoin and fiat. Fiat requires identification, credentials and other personal details, and the process of confirmation of identity could be long--sometimes it lasts for days, whereas in bitcoin, the user who will send the money only needs to know the receiving address of the person he's going to send to and that's it, the transaction could be processed by miners and displayed in the blockchain, making it public and thus adding to the validity of the transaction that's been done.


Blockchain is the technology invented so as to record all the valid transactions that was made inside the bitcoin network.

[Muhammed Zakir]

@LiteCoinGuy: Could you perhaps add a big font tex "answer" in OP or add it in title? Many people only check the title and will reply to it. Thank you!

[notlist3d]

@LiteCoinGuy: Could you perhaps add a big font tex "answer" in OP or add it in title? Many people only check the title and will reply to it. Thank you!

I would agree that would be nice I was expecting a question.

Was not disappointing though was a decent article.  Good for beginners especially to read.

[Kprawn]

Thanks OP..... I like the way, they explained the "Byzantine General’s Problem" and how it relates to Bitcoin... most newbies struggle with that concept. 

This part is not entirely true .... " That doesn’t mean it’s foolproof. Interpol and Kaspersky Labs recently presented research about how people could theoretically insert malware into blockchain transactions. That’s brutal news for blockchain supporters, since the whole point is that the cryptography is solid enough that you don’t need to trust anyone. "

It's not really a threat in my opinion... you would need to have special skills to decode that into something that would be executable and bad for Bitcoin.... 

I would rather be part of a "Chain of fools" than trust a central authority {Banks} with FULL control over all of my money. Ask the people in countries, where banks totally blocked them off from their life savings or even withdrawn it without their permission.