Crypto_VR_Art

block chain

A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly

sustainable bitcoin mining?

- consumes a lot of electricity and computer power to 'mine bitcoin' - the validation of a transaction - mining farms being set up -> use solar energy to provide electricity

Mining Bitcoin

- creation of new bitcoin by solving computational problems - verifying transactions

benefit of having thousands of nodes?

each node stores all past transactions (since inception of database), nodes cross reference with eachother ensuring any faulty records are amended

nodes

a computer that forms the bitcoin network, there are thousands

is bitcoin anonymous?

no, all transactions are confidential but not anonymous as they are saved and recorded.

is bitcoin blockchain centralised or decentralised? explain

Decentralised All transactions are recorded and visible to all users, all users are collectively in control

who created bitcoin

Satoshi Nakamoto (and maybe others)

can we track bitcoin?

yes each bitcoin is traceable, however the users remain anonymous unless effort is made to reveal their identity

are bitcoin transactions transparent?

yes, all transactions are recorded and can be accessed if user runs a node or using a blockchain explorer

leger

book or collection of accounts