Can you explain the concept of blockchain in simple terms for someone new to cryptocurrencies?

3 answers

• Nov 26, 2021 · 3 years ago
  Sure! Blockchain is like a digital ledger that keeps a record of all the transactions made with cryptocurrencies. It's decentralized, meaning that there is no central authority controlling it. Instead, the transactions are verified and added to the blockchain by a network of computers called nodes. This makes it secure and transparent, as anyone can view the transactions on the blockchain. Think of it as a public database that stores all the transactions made with cryptocurrencies.
  486243
• Nov 26, 2021 · 3 years ago
  Absolutely! So, imagine you have a notebook where you write down all your transactions with cryptocurrencies. Now, instead of keeping this notebook to yourself, you share it with a bunch of other people who also have their own notebooks. Whenever you make a new transaction, you write it down in your notebook and share it with the others. They do the same. This way, everyone has a copy of all the transactions, and if someone tries to tamper with their notebook, the others will notice. That's basically how blockchain works - it's a shared, tamper-proof ledger that keeps track of all cryptocurrency transactions.
  616206
• Nov 26, 2021 · 3 years ago
  Of course! Blockchain is the backbone of cryptocurrencies. It's like the technology that powers them. It's a digital ledger that records all the transactions made with cryptocurrencies, like Bitcoin or Ethereum. The cool thing about blockchain is that it's decentralized, meaning that no single person or organization controls it. Instead, it's maintained by a network of computers spread around the world. These computers work together to verify and add new transactions to the blockchain. This makes blockchain secure, transparent, and resistant to censorship.
  562141