Blockchain Explained: Ultimate Guide on How Blockchain Works

New to Bitcoin? Confused? Need help? You've come to the right place.

Bitcoin is an internet based decentralised currency. Similarly to Bittorrent, but Bitcoin uses a public ledger called the blockchain to record who has sent and received money. It's very new, and for many very confusing. BitcoinHelp aims to rectify this. Whether it be explaining how it works, how to use it, how to buy Bitcoins, how to integrate Bitcoins into your business. Sharing your successes as well as failures in order to help others is also gladly received. Ask away!
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Request - How Bitcoin/BlockChain Works and Why

Like really break it down, so we get it.
submitted by plumbuschan to kurzgesagt [link] [comments]

Question about how bitcoin blockchain works

I looked around but couldn't find the answer to this question, so I am wondering:
In a bitcoin wallet, it has to sync to the blockchain constantly, right? And the blockchain is stored on everyones device that is on the bitcoin network right? So, when the wallet resync's its version of hte blockchain, how does it know which computer on the bitcoin network to get it from? When I go onto a block explorer, where does it get the blockchain from? There are more than billions of computers on the bitcoin network.
Also, from what I know, the way blockchain works is that when someone makes a bitcoin transaction, that has to be broadcast to all the other devices on the network so their version of the blockchain is in sync, right? How does my device know what all the other devices on the bitcoin network are?
submitted by Thounumber1 to BitcoinBeginners [link] [comments]

Explain how bitcoin/blockchain works if I was 92 years old.

submitted by nacho9999 to explainlikeIAmA [link] [comments]

Question about how bitcoin blockchain works /r/BitcoinBeginners

Question about how bitcoin blockchain works /BitcoinBeginners submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Kurzgesagt: taylorgerring comments on Request - How Bitcoin/BlockChain Works

Kurzgesagt: taylorgerring comments on Request - How Bitcoin/BlockChain Works submitted by HodlDwon to ethtrader [link] [comments]

ABOUT BITCOIN BLOCKCHAIN

ABOUT BITCOIN BLOCKCHAIN

What Is Bitcoin Blockchain?

We will explain how Bitcoin blockchain works, in simple terms. First of all, Bitcoin is a digital asset and therefore does not have physical monetary value like a gold or fiat currency. Rather, Bitcoin is just a record on the Bitcoin blockchain that confirms Bitcoin ownership.
Bitcoin blockchain is a distributed ledger of timestamped Bitcoin transactions that are bundled into blocks. The Bitcoin blockchain is immutable and Bitcoin transactions are irreversible. Bitcoin network consists of thousands of Bitcoin miners and Bitcoin nodes.

https://preview.redd.it/txvu313lr4p51.jpg?width=2601&format=pjpg&auto=webp&s=0a6775e64d6049983b793067cfdc368e3c17e0d7

Role of Bitcoin Miners

The security of the Bitcoin network is ensured by Bitcoin miners. Bitcoin miners use powerful computers to solve complex cryptographic problems to validate Bitcoin transactions and receive a Bitcoin reward. This computing process is called “proof-of-work”.
The first miner that finds the solution to the cryptographic problem and creates a new Bitcoin block, receives a Bitcoin block award. This is how new bitcoins are created. Each Bitcoin block is mined every 10 minutes on average, which is roughly 144 blocks per day.
Besides block rewards, Bitcoin miners earn Bitcoin transaction fees that are currently much smaller than the block reward amount. Specifically, they receive transaction fees for verifying and processing Bitcoin transactions included in the block they have mined and added to the Bitcoin blockchain.
We expect that Bitcoin transaction fees will increase substantially once the last Bitcoin is mined and no more block rewards are available. Miners are driven by financial incentives and they tend to prioritize Bitcoin transactions with the highest transaction fees.
https://preview.redd.it/93jxgg9or4p51.jpg?width=1418&format=pjpg&auto=webp&s=fc5d407d817b607be37d33b8b7db2ed602f70485

Bitcoin Improvements

A new Bitcoin block is created on average every ten minutes, with the block size limited to 1 MB. Therefore, Bitcoin block can accommodate only a limited number of Bitcoin transactions and it takes approximately ten minutes for Bitcoin nodes to verify them.
As a result, Bitcoin has a scalability problem because of the limited number of Bitcoin transactions that can be processed in a given time. Bitcoin community has been trying to resolve the scalability issue, considering various technical improvements of the Bitcoin protocol.
Fortunately, some of these attempts were successful. For example, Bitcoin technical improvement SegWit increased Bitcoin block size by removing signature data from Bitcoin transactions. The Lightning Network proposal aims to make Bitcoin scalable by introducing instant payments that occur off-chain. Lightning transactions offer considerably lower fees and faster settlement times than do Bitcoin on-chain transactions.
You can learn more about Bitcoin blockchain and how it works here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

How does bitcoin work, what makes bitcoin work, what is the blockchain, what makes the code work, why are miners needed?

submitted by Risklotrman to AskReddit [link] [comments]

Did you know that Bitcoin may be transferred and exchanged throught other blockchains? - Read how cross-chain technology work at example of Ren Protocol.

Did you know that Bitcoin may be transferred and exchanged throught other blockchains? - Read how cross-chain technology work at example of Ren Protocol. submitted by BananasFruit to btc [link] [comments]

Blockchain Question.

Hi I have a reasonable knowledge of how Bitcoins Blockchain works but I have an overall question about Blockchain Technology.
Some say Blockchain will revolutionise industries by eliminating middle men making all aspects of these industries more efficient, fairer and cheaper.
For this conversation I would like to know if one Blockchain fits all use cases for instance if a company was going to streamline operations through a distributed Ledger would that company have to create the Blockchain from scratch (code it themselves) or will there be one day an off the shelf so to speak download that only requires so much less input to achieve the same results.
As they are just blocks where information passes through is it that easy or is it far more complicated to erase the middle men of industries we have today?.
submitted by herewegohaveago to Bitcoin [link] [comments]

How do domains work on the Bitcoin SV blockchain - The Cryptonomist

How do domains work on the Bitcoin SV blockchain - The Cryptonomist submitted by AlanOne89 to bitcoinsv [link] [comments]

Introduction to Bitcoin and blockchain: how it works

Introduction to Bitcoin and blockchain: how it works submitted by Perfect-Juice-6837 to Bitcoin [link] [comments]

Ever wondered how BitCoin works under the hood? Play Blockchain Battle and find out!

Ever wondered how BitCoin works under the hood? Play Blockchain Battle and find out! submitted by drfunky69 to playmygame [link] [comments]

Introduction to Bitcoin and blockchain: how it works (x-post from /r/Bitcoin)

Introduction to Bitcoin and blockchain: how it works (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Ever wonder how bitcoin and blockchain actually work?

Hi all,
I wrote a new post explaining with a bit of detail on how bitcoin works under the hood, is a bit technical but very informative for those who want to know more!
https://medium.com/livecodestream/but-how-does-bitcoin-actually-work-a2e284724d25
submitted by bajcmartinez to Bitcoin [link] [comments]

What is Crypto-Currency? | How Bitcoin Works? | Blockchain Technology

What is Crypto-Currency? | How Bitcoin Works? | Blockchain Technology submitted by rootaccessmedia to YouTube_startups [link] [comments]

What is Crypto-Currency? | How Bitcoin Works? | Blockchain Technology

What is Crypto-Currency? | How Bitcoin Works? | Blockchain Technology submitted by rootaccessmedia to GetMoreViewsYT [link] [comments]

03-19 17:25 - 'But what don’t I get? / Let’s see I’ve a pretty in-depth under standing of how Blockchains work. / I’ve got a good understanding of money and economics. / I understand social structures. / And the other cranfields do t...' by /u/CreepyCranfield10 removed from /r/Bitcoin within 4-14min

'''
But what don’t I get?
Let’s see I’ve a pretty in-depth under standing of how Blockchains work.
I’ve got a good understanding of money and economics.
I understand social structures.
And the other cranfields do the rest, what is it I Don’t get?
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: CreepyCranfield10
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What is Crypto-Currency? | How Bitcoin Works? | Blockchain Technology

What is Crypto-Currency? | How Bitcoin Works? | Blockchain Technology submitted by rootaccessmedia to SmallYoutubers [link] [comments]

howmanyconfs.com - How does the security of different Proof-of-Work blockchains compare to Bitcoin?

howmanyconfs.com - How does the security of different Proof-of-Work blockchains compare to Bitcoin? submitted by dyslexiccoder to Bitcoin [link] [comments]

What is Proof of Work? 👷‍♀️⛏ How is it implemented in Bitcoin and Ethereum? 👷⚒️ Join the Blockchain and Cryptography study groups to learn this and more! 📚

What is Proof of Work? 👷‍♀️⛏ How is it implemented in Bitcoin and Ethereum? 👷⚒️ Join the Blockchain and Cryptography study groups to learn this and more! 📚 submitted by abcoathup to ethereum [link] [comments]

What is Proof of Work? 👷‍♀️⛏ How is it implemented in Bitcoin and Ethereum? 👷⚒️ Join the Blockchain and Cryptography study groups to learn this and more! 📚

submitted by cryptoallbot to cryptoall [link] [comments]

Blockchain and Healthcare: How Two Industries Can Work Together for the Greater Good ‘What is Bitcoin?’

submitted by charlesgreenrtr to ProjectOblio [link] [comments]

How Does Bitcoin Work? - YouTube How Bitcoin Works in 5 Minutes (Technical) - YouTube How Bitcoin Works Under the Hood - YouTube Bitcoin: How Cryptocurrencies Work - YouTube Bitcoin explained: How do cryptocurrencies work? - BBC ...

Bitcoin. How Bitcoin Works. Cryptocurrency Strategy & Education. ... Breaking down everything you need to know about Bitcoin mining, from blockchain and block rewards to Proof-of-Work and mining ... According to the analyst from Bloomberg, Bitcoin could soon be on course for $100,000. Analyst Mike McGlone from Bloomberg expects Bitcoin to continue to grow in value over the coming years.. Bitcoin surprised much of the financial world this year after recovering strongly from the market crash seen in March as the pandemic impacted global markets. ... A Blockchain is a diary that is almost impossible to forge. Let's imagine that 10 people in one room decided to make a separate currency. They have to follow the flow of funds, and one person ... In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once. Balances - block chain. The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. It allows Bitcoin wallets to calculate their spendable balance so ... Bitcoin (BTC) was created to function as peer-to-peer electronic cash. Whether you are spending or accepting BTC as payment it is prudent to understand how a transaction works. Bitcoin transactions are messages, like email, which are digitally signed using cryptography and sent to the entire Bitcoin Network for verification.

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How Does Bitcoin Work? - YouTube

A short introduction to how Bitcoin Works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most excitin... Thanks to Away for sponsoring this video! Go to https://www.awaytravel.com/techquickie and use promo code techquickie to get $20 off your next order! Bitcoin... Whether or not it's worth investing in, the math behind Bitcoin is an elegant solution to some complex problems. Hosted by: Michael Aranda Special Thanks: Da... A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain ... An estimated £3-4 billion is being laundered via cryptocurrencies in Europe every year, the director of Europol has told the BBC. It comes as the Shadow Trea...

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