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The Bitcoin Blockchain

The blockchain is the technology that underpins Bitcoin and can be compared to a public ledger that anyone can access and inspect.

It records every transaction that has ever been made using Bitcoin and is utterly unalterable – just as if the entries had been carved in stone. Each new transaction is checked by every node in the network and is only accepted when it is confirmed to be correct.

The blockchain cannot be manipulated and guarantees complete security for every Bitcoin transaction. This means that the Bitcoin system does not require a central authority – such as a bank – in its payment system.

Transparent and Tamper-Proof

The blockchain is a technology that eliminates the human factor in transactions and is the first system to enable assets to be managed and transferred online both transparently and with complete reliability.

The transactions in the Bitcoin peer-to-peer network are executed between “equals”. With Bitcoin, all of the disadvantages that arise from third-party involvement in monetary transactions are removed from the equation.

This makes Bitcoin much more than simply a currency or a form of investment: it means that Bitcoin is a societal – and, therefore, highly political – phenomenon which has, for the first time, made it possible to transact assets securely and entirely independent of financial institutions.

With Bitcoin, society has created its own payment system, independent of governments, commercial banks and central banks. It is a payment system that offers every single person around the world the opportunity to ensure their own financial security. 

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References

Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the Open Blockchain (2nd ed.). Sebastopol: O’Reilly Media.

Bitcoin Wiki. (2019). Bitcoin. Retrieved January 17, 2019, from https://en.bitcoin.it/wiki/Main_Page

Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton, New Jersey: Princeton University Press.

Northern Bitcoin AG. (2018). Half-Year-Report. Frankfurt am Main. Retrieved from https://northernbitcoin.com/wp-content/uploads/2019/01/Northern-Bitcoin-Half-Year-Report-2018.pdf