What Is Bitcoin Cash?
Bitcoin.com Block Explorer: How to Use
How to Buy Bitcoin Cash (BCH) with a Credit Card
How to Get Started with Bitcoin
Calculating Bitcoin Core Mining Profitability
How to Buy Bitcoin Online
What is a Bitcoin Mining Pool?
Bitcoin Whitepaper: A Beginner’s Guide
Bitcoin Cash is Bitcoin
How to Use the Bitcoin.com Wallet
Who Developed Bitcoin?
Differences Between Bitcoin Cash and Bitcoin
How to Buy Bitcoin Cloud Mining Contracts
How is the Bitcoin Blockchain Different from Banking Ledgers?
How to Create a Shared Bitcoin Wallet
How to Import and Export Bitcoin Private Keys
What is Bitcoin?
A brief visual lesson on the shared history of Bitcoin Cash and Bitcoin Core
Merchants: Learn how to accept Bitcoin Cash in minutes
Why Bitcoin Cash is Bitcoin
Here are several reasons why Bitcoin Cash (BCH) has the best traits of money
How to stay safe and keep your Bitcoin secure in a public world
Bitcoin Cash (BCH) outperforms all other payment methods
How to Choose the Best Bitcoin Exchange
Bitcoin Cloud Mining, Is It Worth It and Is It Safe?
How to Access Your Bitcoin Cash (BCH)
How Bitcoin Transactions Work
Roger Ver on the Economic Code of Bitcoin
Can I Shop, Travel, or Gamble with Bitcoin?
How to Setup a Bitcoin ASIC Miner
What is Bitcoin Mining?
What is the Blockchain?
How to Avoid Bitcoin Fraud
What is Bitcoin Double Spending?
Ver on The Rubin Report: How Bitcoin Works
Bitcoin Cash Compared to Bitcoin Core: Infographic
How to Setup Bitcoin Cold Storage
Bitcoin Glossary
How to Choose the Best Bitcoin Wallet

What is the Blockchain?

Read an important announcement about Bitcoin from Bitcoin.com.

Bitcoin Core (BTC) and Bitcoin Cash (BCH) are dependent on something known as  “the blockchain”. This underlies and structures the Bitcoin system. The blockchain is the vertebrae of the protocol and the glue that holds the network together. It is simply a vast, distributed public ledger of account. It keeps track of every transaction ever made in the network, and all transactions are timestamped and verified by network miners. This is how it works: miners with specialized computers compete to solve mathematical puzzles with other computers, and once they solve a puzzle they are awarded with some Bitcoin Core, but they also add a “block” of completed transactions to the blockchain for future viewing and verifiability.

Once a block is added to the chain the cycle repeats itself, and the computers continue to compete to solve these difficult problems. Every transaction on the blockchain is completely transparent and accounted for in its log. Anyone can see the public keys of any transaction they want (although there are no names associated with transactions). One could go all the way back and view the very first transactions ever made on the first block ever created. This block was called, “The Genesis Block”.

(Update: Bitcoin Core is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.)

How the Blockchain Defends Against Double-Spending

Double-Spending is the act of using the same BTC twice. There is only a 21 million set cap on the protocol and no more can be produced. So the network protects against double spend by the verification of each recorded transaction. The blockchains ledger ensures that the transactions are finalized by its inputs confirmed by miners. The confirmations make each unique Bitcoin Core and its subsequent transactions legitimate. If one tried to duplicate a transaction the original blocks deterministic functions would change showing the network that it is counterfeit and thus the transaction would not to be accepted.

How Is the Blockchain Different from Banking Ledgers?

Banks and accounting systems use ledgers to track and timestamp transactions. The difference is that the blockchain is completely decentralized and open source. This means that people do not have to rely on or trust the central bank to keep track of the transactions. The peer-to-peer blockchain technology can keep track of all the transactions without the fear of having them erased or lost. Furthermore, the blockchain, because of its open source nature, is more versatile and programmable than central banking ledgers. If programmers need new functionality on the blockchain, they can simply innovate on top of already existing software through consensus. This is difficult for central banks because of all of their regulations and central points of failure.

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