Class 8, The Bitcoin Blockchain

Class 8, The Bitcoin Blockchain

Bitcoin, an online currency (a new concept altogether!) has to have some way of "tracking" or

keeping track of, or validating transactions.  A Blockchain is just that, it is a "public ledger" of all transactions.  Therefore, The Bitcoin Blockchain is the record, albeit electronic record of all bitcoin transactions. The records are broken up into what they call "blocks".

How does the system work?  Each block has a # hash of the previous block, which means they are linked and built upon one another.  Individuals have to be part of the bitcoin network to create and have access to the blockchain.  This image is a screenshot of the trading occuring on the Blockchain site.  Transactions occur constantly!

Bitcoin uses the P2P technology - a new concept in banking that is for sure.  There is not "bank" per se, can quite get my head around that one yet, but it allows for online payment for merchandise and a "wallet" which I would liken to a bank account.   This video - What is Bitcoin? from the Wall street Journal likens bitcoin to gold, which can not be "reprinted" but needs to be mined, is not subject to government regulation, and is not kept in a bank.  Really futuristic to me.