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Bitcoins and Blockchains for Mums and Dads: Part 1 — The Basics

Separating the concepts

Lets get our head around a digital currency through an example

So how does Blockchain make this all possible?

Example ledger

It’s a digital ledger, so why do we call it blockchain?


  • Blockchain is the name of a digital accounting ledger technology.
  • Any accounting ledger must account for something. Thus, any blockchain will have a currency associated to it, and it specifically accounts for that currency.
  • The blockchain accounting ledger is distributed amongst the users of that blockchain’s currency. This distributed system allows for highly safe validation and no reliance on big auditing organisations.
  • Bitcoin is the leading digital currency, based on the “Bitcoin Blockchain”. At time of writing, it is the most widely used currency and has grown in value massively thanks to it’s rising popularity (and thus rising demand for the currency).



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Jamie Dujardin

Leading Insights @ Altruistiq. Ex-McKinsey & Ex-ASOS Sustainability Strategy. Graduate in Economics, Oxford University. Technology and Sustainability enthusiast