This Article aid you to know more about the basic mechanism for Bitcoin.
- Transactions are published to the bitcoin p2p network.
- Miners(computers) completed to solve a proof of work problem on average every 10 min.
- The winning winners publishes a summary of recent transactions in a block.
- Miners are rewarded with new coins for having published a valid block.
- Blocks are linked to previous blocks, creating a blockchain.
- The value of every account is evident on the blockchain.
- Everyone is expected to know the whole blockchain.
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