which blockchain is bitcoin on

Bitcoin's decentralized blockchain network, open-source and accessible to all internet-connected computers, makes it resistant to censorship and manipulation.

Oct 18, 2024 at 04:41 pm

Which Blockchain is Bitcoin On?

Bitcoin, the world's first cryptocurrency, is built on a blockchain network. A blockchain is a distributed and immutable ledger that records transactions between multiple computers. Each block in the chain contains a timestamp, a transaction record, and a cryptographic hash of the previous block. This structure creates a secure and transparent digital ledger that makes it virtually impossible to alter or tamper with transaction records.

Bitcoin is based on the Bitcoin blockchain, which is a public, open-source network. Any computer with an internet connection can join the Bitcoin network and participate in the verification and validation of transactions. This decentralized nature of the Bitcoin blockchain makes it resistant to censorship and manipulation by any single entity.

Here is a simplified overview of how the Bitcoin blockchain works:

1. Transaction Initiation: When a user initiates a Bitcoin transaction, it is broadcast across the Bitcoin network.
2. Verification and Validation: Network participants called miners verify the transaction by ensuring it is valid and follows the rules of the Bitcoin protocol.
3. Block Creation: Verified transactions are grouped into blocks that contain a specific number of transactions.
4. Hashing and Linking: Each block is assigned a unique cryptographic hash that is derived from the block's contents. The hash of the previous block is also included in the new block, creating a chain of interconnected blocks.
5. Consensus and Addition to Blockchain: Miners compete to solve complex mathematical problems to create a new block for the blockchain. Once a miner successfully completes the problem, the new block is added to the chain, and the miner receives a reward in the form of Bitcoin.