aprende_BTC on Nostr: Bitcoin 's 777,777th Block was mined today. Here are 7 ways on how Bitcoin Blockchain ...
Bitcoin 's 777,777th Block was mined today.
Here are 7 ways on how Bitcoin Blockchain works.
🧵 /7
1/ To put it simply Bitcoin is a system that lets a group of computers maintain a Ledger.
These transactions are ordered by Blocks.
2/ Sending money and Authentication are important features of Bitcoin.
Before any transaction is sent, past blocks confirm that the same or more BTC is in the sender's wallet.
This avoids the so-called "Double spending" problem.
3/ Nodes or computers need to agree with the Transaction order.
This is where Blockchain technology comes into play.
Transaction Chain = History of Ownership
Blockchain = Transaction ordering
4/ Transactions in the same block are considered to happen at the same time.
Transactions not yet in a block are considered unconfirmed.
Everything is Math.
5/ How are blocks created?
Any node or computer can collect a set of unconfirmed transactions into a block and broadcast it to the Bitcoin network as a suggestion.
6/ How does the network decide which block to chose from? 🤔
Bitcoin Solution is that each valid block must contain an answer to a complicated math problem.
Currently, blocks require 100,000,000 Giga hashes on average to solve.
7/ Block Puzzle
It could take years for one computer to solve a block.
F (block) <? Target
Crypto hash SHA 256
But because of BTC power, it takes roughly 10 minutes for a block to be mined.
If a node successfully finds the solution they receive the block reward.
Here are 7 ways on how Bitcoin Blockchain works.
🧵 /7
1/ To put it simply Bitcoin is a system that lets a group of computers maintain a Ledger.
These transactions are ordered by Blocks.
2/ Sending money and Authentication are important features of Bitcoin.
Before any transaction is sent, past blocks confirm that the same or more BTC is in the sender's wallet.
This avoids the so-called "Double spending" problem.
3/ Nodes or computers need to agree with the Transaction order.
This is where Blockchain technology comes into play.
Transaction Chain = History of Ownership
Blockchain = Transaction ordering
4/ Transactions in the same block are considered to happen at the same time.
Transactions not yet in a block are considered unconfirmed.
Everything is Math.
5/ How are blocks created?
Any node or computer can collect a set of unconfirmed transactions into a block and broadcast it to the Bitcoin network as a suggestion.
6/ How does the network decide which block to chose from? 🤔
Bitcoin Solution is that each valid block must contain an answer to a complicated math problem.
Currently, blocks require 100,000,000 Giga hashes on average to solve.
7/ Block Puzzle
It could take years for one computer to solve a block.
F (block) <? Target
Crypto hash SHA 256
But because of BTC power, it takes roughly 10 minutes for a block to be mined.
If a node successfully finds the solution they receive the block reward.