In the last post, we uncovered exactly what a Bitcoin address is and how one can be secured using modern cryptography.
In this post we are going to delve into the database underpinning bitcoin and learn how it is structured. That database is known as a blockchain:
A blockchain is simply a distributed database
For many years, it was thought that fully decentralised digital currencies were impossible. The reason being the problem of double spending. How do you ensure that a digital coin has not been copied electronically and therefore spent repeatedly without the use of a central authority for verification?