As we already know a Bitcoin blockchain is used to record all transactions ever made with Bitcoin. This blockchain allows anyone’s current balance to be checked.
It also ensures that any transactions that are being made are definitely authorized by the individual sending the bitcoins. Cryptography is used to ensure the bitcoin blockchain cannot be interfered with or become corrupted. In addition, Private Keys (like very long randomly generated passwords) are used on every transaction to act as digital signature for the person spending the bitcoins. This ensures hackers cannot spend other people’s money. The whole system runs on a peer-to-peer network, relying on individuals personal PCs rather than a central data center.
Bitcoin Blockchain for Mining
This huge collection of individual’s computers all process the data needed to ensure the fast running of transactions. This processing is called mining..
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