Handwritten Paper Ledger Image

(Photo Credit: Pixabay at Pexels.com)

Okay… the Bitcoin Ledger… this is where it starts to get really fun! 😉

Remember the old-timey way we used to keep “the books”?

Where you wrote everything down in an actual book.

For example: like in this photo.

A ledger.

And it was permanent.

To change something, you had to make a new entry. You couldn’t alter a record that was already established.

That’s one of the features of Bitcoin too.

There is no edit or delete.

What’s recorded will always be there.

And only new entries are allowed.

In Bitcoin, they’re called transactions.

And with Bitcoin, the ledger is electronic.

Our Bitcoin ledger is also decentralized and distributed.

Meaning it doesn’t run on one central server.

Instead, an exact copy of the same ledger runs on many, many, many different “computers” in any and every part of the world, all at the same time.

These computers are called nodes.

Because all the nodes have exact copies of the ledger, the system can’t be compromised.

If one, or several, nodes go offline… no big deal. The rest of the network will continue to work away.

I know what you’re thinking, and you’re right… it would be impossible to hack them all at once.

This is what creates the strength and security of the network.

Even better… the network is public.

Anyone who wants to run a node can run a node.

. . .

 

You may have also heard that Bitcoin’s software code is something called “open-source.”

That means it’s not secret.

It’s not proprietary to any person or corporation.

No one owns the Bitcoin network.

No one controls the Bitcoin network.

No one can turn it off.

No one can keep you out.

And just like anyone can run a node, the Bitcoin code is openly available for anyone to download.

I know… to most of us, what you would see there is pure gibberish.

But there are a lot of crazy-smart people out there who do understand it.

And any programmer who’s capable can contribute.

Pretty cool so far, right?

Guess what… it gets even better.

Ready to talk about blockchains?

Yay! ⭐️

Up next… How Does Bitcoin Work? – Part 2 – The Bitcoin Blockchain.

. . .

P.S. ~ Don’t forget to be awesome today! 😎❤️₿