The innovation at the heart of bitcoin is called the blockchain. Again, let’s use some analogies. The blockchain is like a huge, global, decentralized spreadsheet. It keeps track of who sent how many coins to whom, and what the balance of every account is. It is stored and maintained by thousands of people (miners) across the globe who have special computers. The blocks in the blockchain are made up of all the individual transactions sent from Myetherwallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else. Blockchain is like a checkbook Imagine a global checkbook, a global accounting ledger, where everyone can see all the debits and credits. It’s a completely open book, so everyone can confirm that the checkbook is balanced at all times. The blockchain is similar, with computers worldwide constantly recording who’s bought and sold bitcoin (and other blockchain assets). This “distributed ledger” means that no one person, company, or government cont...
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