The Bitcoin Network | Crypto NEWBIES lesson of the day
Lesson 1
The Bitcoin Network
In the previous lesson, I mentioned that banks and governments track world currencies with serial numbers on cash.
Similarly, a worldwide computer network tracks bitcoin transactions and records all bitcoin history into a record known as a ledger.
The ledger is public information and is available to see on a bitcoin blockchain explorer. Check out the streaming list of “latest transactions on the bottom right-hand corner.”
Contrary to popular belief, the public record of bitcoin makes it hard for criminals to cover their steps.
The worldwide computers that secure Bitcoin are also known as miners. The mining computers get paid in bitcoin for securing transaction history. This incentives computers to join the network. Anyone with technical knowledge can set up a bitcoin miner.
To hack the bitcoin network, a hacker would have to hack 51% of worldwide computers running the network. Therefore, this decentralized attribute makes the network extremely secure.
