Author Topic: What is Bitcoin and the Blockchain?  (Read 533 times)

BeginnerCoin

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What is Bitcoin and the Blockchain?
« on: August 26, 2016, 11:08:51 PM »
Many people have heard of the first cryptocurrency Bitcoin by now, but still very few understand what it does or the implications of the BLOCKCHAIN. Watch this:

https://www.youtube.com/watch?v=jbu6I-8mNUo

Bitcoin is a peer-to-peer payment network and ledger which is publicly and decentrally verified and secured using the blockchain.  The blockchain works as an accounting book, or ledger, tracking every transaction made across the network.  This ledger is reviewed and updated by a massive decentralized network of Bitcoin MINERS.  These miners use their computerís resources to review and validate every single transaction made across the network to maintain the security of the system.

As blocks are solved, they are PERMANENTLY entered into this ledger which is available to view publically.  Each block contains a set amount of new Bitcoin which are distributed to the miners as payment for their work they have dedicated with their computers to validating the blockchain.  Every single person of the millions of users of Bitcoin each has a copy of this ledger and the information is 100% viewable to the public, while also keeping the names of the people behind the transactions anonymous.

The technological advancement represented by the blockchain is unique in that this system provides users transparency, security and anonymity.  Every coin manufactured using this process is tamper-proof. All coins are mathematically unique, and CANNOT be duplicated, copied or forged.  Any attempt to do so would send red flags across the massive decentralized network and the transaction will be blocked, preventing those coins from ever being spent.

The blockchain is the true technological wonder of our age.  For the first time ever, digital goods are guaranteed in their authenticity and while numerous and functionally identical, they are unique and unable to be duplicated. With BeginnerCoin, we show you how to use this technology so you can freely discover how to harness the blockchain for your own benefit.
« Last Edit: August 27, 2016, 01:44:48 PM by BeginnerCoin »
BGNR: 17Ct4dy5Ziw7PQvc5VU6Y75F6HHwstzCKR
BTC: 1DfkgpPNjx9xgSd2uxqgVmG8tqrCuiY6Wv