CRYPTOCURRENCY INVESTING & BITCOIN Cryptocurrencies Trading Strategies for Beginners. How to Invest in NFT, Cryptoart, Altcoin, and Ethereum to Get your Money Safe and Profit from the Blockchain by Anthony Sinclair
Chapter 1: The Blockchain
This will explain how blocks are used to unlock the blockchain’s full
potential by the time you’ve reached the end, you will have absorbed the
key concepts of the blockchain and will understand how it functions within
Bitcoin.
Blockchain – What Is It?
The blockchain is simply a public ledger that offers complete transparency
to the Bitcoin system. It contains every Bitcoin transaction in its entirety
since Bitcoin first began in 2009. All additional transactions are logged on
the blockchain as they occur. The technology behind Bitcoin is easily
capable of that much.
First, let’s talk about what we mean by a block. If the blockchain were an
accountant’s ledger, it would be appropriate to view the original block as
the ledger’s first page.
Each new block on the network consists of a hash. A hash is a shorter,
random mix of characters based on the earlier block. Ever since the first
block appeared on the network, a continuous chain of transactions has
occurred, a block at a time. You can trace each transaction that occurs all
the way back to the genesis of the initial block. Because each new page
contains a summary of the prior pages, it makes sense that the ledger size
will increase, extending the length of the blockchain as more data appear.
The Bitcoin blockchain consists of an open ledger. This ledger records each
transaction as it occurs. Basically, the blockchain is a bookkeeping tool that
provides complete transparency, with all transactions visible to the financial
world. This total transparency is what traditional financial institutions fear.
They don’t want to layout their numbers as openly as the blockchain.
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