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𝖨 𝖿𝗅𝗂𝗋𝗍, 𝗍𝗁𝖺𝗇𝗄𝗌 𝗍𝗈 𝗍𝗁𝖾 𝗆𝗎𝗌𝗂𝖼 𝖳𝗁𝖾 𝗌𝗈𝗎𝗅 𝗀𝗂𝗏𝖾𝗌 𝗆𝖾 𝖼𝗈𝗆𝖿𝗈𝗋𝗍, 𝗌𝗈 𝗁𝗈𝗐 𝖽𝗈 𝖨 𝖼𝗈𝗇𝗌𝗂𝖽𝖾𝗋 𝗂𝗍 𝗆𝗒 𝗌𝗂𝗇 𝖯𝗈𝗌𝗍 𝗉𝗁𝗈𝗍𝗈𝗌 𝖺𝗇𝖽 𝗏𝗈𝗎𝖼𝗁𝖾𝗋𝗌 .
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How Does Bitcoin Work?
Bitcoin is built on a distributed digital record called a blockchain. As the name implies, blockchain is a linked body of data, made up of units called blocks that contain information about each and every transaction, including date and time, total value, buyer and seller, and a unique identifying code for each exchange. Entries are strung together in chronological order, creating a digital chain of blocks. “Once a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency transactions,” says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs. Blockchain is decentralized, which means it’s not controlled by any one organization. “It’s like a Google Doc that anyone can work on,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. “Nobody owns it, but anyone who has a link can contribute to it. And as different people update it, your copy also gets updated.”
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